Multi-Asset Monthly Comments - September 2026
RAM Global Multi-Asset Fund
At its September FOMC meeting, the Fed raised rates by 25 basis points, its first hike in three years. Markets immediately priced in further tightening, as Chair Warsh's press conference struck an even more hawkish tone than the decision itself. Bond markets bore the full force of the repricing, with Developed Markets (DM) sovereign yields surging and US long-term yields reaching their highest level since before the GFC. Credit also came under pressure, with both Investment Grade (IG) and High Yield (HY) spreads widening as risk sentiment deteriorated. Against this backdrop, global equities declined broadly, led lower by Europe and China. The US told two very different stories as cap-weighted indices held up relatively well on the continued dominance of a handful of Large Cap technology and AI-linked names, while the average stock suffered losses, with the equal-weight index posting its worst monthly underperformance in years. Emerging Markets (EM) were similarly bifurcated, with returns driven almost entirely by three semiconductor giants in Korea and Taiwan. A renewed escalation in US–Iran hostilities reignited energy supply fears, pushing Brent crude back above USD 100 per barrel and adding to the inflationary pressures that had compelled the Fed to act. Gold, buffeted by surging real yields and a stronger dollar, extended its decline.
Traditional strategies were the primary detractor from performance, with both equity and fixed income exposures weighing on returns. Within equities, the Diversified sleeve was the main drag, led by weakness in the climate-related and global equity income themes. The Single Name Equity book was broadly flat, as weakness in US and EM Mega Cap tech names was largely offset by gains in tactical semiconductor and memory positions. Fixed Income detracted meaningfully, with DM government and IG corporate bond exposures hurt by a negative duration effect over the period. Alternative strategies were the standout contributor, led by Equity Market Neutral, which delivered the strongest gains across the portfolio. Multi-Strategy and Event Driven allocations also contributed positively, while Fixed Income Long/Short was the only detractor within the category. Risk Reducing strategies posted modest losses, as option-based instruments were unable to benefit from volatility given relatively calm equity index levels, particularly in the US.
For a complete overview of the strategy, please refer to the PRIIPs KID available under https://ram-ai.com/funds/shareclass/lu1739554647. Past performance is not a reliable indicator of future returns.
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The RAM Global Multi-Asset Fund is a sub-fund of RAM (Lux) Systematic Funds (the 'Fund'), a SICAV incorporated under Luxemburg law and constituting an OPCVM in accordance with EC Council Directive of 13 July 2009 (DIR 2009/65/EC). Past performance is not a guide to current or future results.
This marketing document is only provided for information purposes to professional clients, and it does not constitute an offer, investment advice or a solicitation to subscribe shares in any jurisdiction where such an offer or solicitation would not be authorised or it would be unlawful. In particular, the Funds are not offered for sale in the United States or its territories and possessions, nor to any US Person (citizens or residents of the United States of America).
This document is confidential and is intended only for the use of the person to whom it was delivered; it may not be reproduced or distributed. There is no guarantee that the holdings shown will be held in the future. The investment described concerns the acquisition of shares in the Sub-Funds and not in a specific underlying asset.
Past performance is not a guide to current or future results. There is no guarantee to get back the full amount invested. The performance data do not take into account fees and expenses charged on subscription and redemption of shares nor any taxes that may be levied. As a subscription fee calculation example, if an investor invests EUR 1000 in a fund with a subscription fee of 5%, the investor will pay to his financial intermediary EUR 50.00 on the investment amount, resulting with a subscribed amount of EUR 950.00 in fund shares. In addition, potential account keeping costs (by investor’s custodian) may reduce the performance. Some shares in the Sub-Funds apply a performance fee. Leverage intensifies the risk of potential increased losses or returns.
RAM Active Investments may decide to terminate the marketing arrangement in place in any given country in accordance with Article 93a of Directive 2009/65/EC.
Changes in exchange rates may cause the NAV per share in the investor's base currency to fluctuate.
Particular attention is paid to the contents of this document but no guarantee, warranty or representation, express or implied, is given to the accuracy, correctness or completeness thereof.
Prior to any transaction, clients should check whether it is suited to their personal situation, and analyse the specific risks incurred, especially financial, legal and tax risks, and consult professional advisers if necessary. Please note that the share classes mentioned in this document may not be registered in your country of domicile.
Please refer to the Key Investor Information Document and prospectus with special attention to the risk warnings before investing. This Sub-Fund is classified as art.8 SFDR For further information on ESG, please refer to https://www.ram-ai.com/en/regulatory-information and the relevant Sub-Fund webpage.
The prospectus, constitutive documents and financial reports are available in English and French while PRIIPs KID are available in the relevant local languages. These documents can be obtained, free of charge, from the SICAVs’ and Management Company’s head office and www.ram-ai.com, its representative and distributor in Switzerland, RAM Active Investments S.A. and the relevant local representatives in the distribution countries.
Issued in Switzerland by RAM Active Investments S.A. which is authorised and regulated in Switzerland by the Swiss Financial Market Supervisory Authority (FINMA). Issued in the European Union and the EEA by the authorised and regulated Management Company, Mediobanca Management Company SA, 2 Boulevard de la Foire 1528 Luxembourg, Grand Duchy of Luxembourg.
Swiss representative: Swiss Paying Agent:
RAM Active Investments S.A. CACEIS Bank, Montrouge, succursale de Nyon/Suisse
Rue du Rhône 8 Route de Signy 35
CH-1204 Genève CH-1260 Nyon
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