Multi-Asset Monthly Comments - October 2026
RAM Global Multi-Asset Fund
Attacks on shipping around the Strait of Hormuz intensified, lifting Brent crude to a six-month high as investors braced for escalation after the US midterms. The Fed held rates, with two dissenters favouring a further hike, and Chair Warsh’s lack of guidance left markets pricing in the risk of another increase before year-end. The AI trade finally met resistance in October. Doubts over the scale and funding of data centres and chip spending, along with the prospect of hyperscalers issuing fresh equity, triggered a sharp de-rating of large technology names and a rotation from growth into value. Global equities slipped, though cyclicals and dividend payers held up, and the UK and Europe fared relatively well. Emerging markets bore the brunt as crowded semiconductor positioning unwound in Korea and Taiwan. Fixed income reasserted its defensive role, with government bond yields retreating from September’s multi-decade highs and the negative stock–bond correlation returning. Credit proved resilient overall, though spreads on AI-exposed issuers widened. Higher oil prices and hawkish rate expectations kept the dollar firm and weighed heavily on gold.
Diversified Equities were the main driver of the month’s gain, led by developed markets, where global equity income and climate-related themes contributed positively, as did, to a lesser extent, the European allocation. This more than offset a modest drag from emerging market exposures, which suffered as the Asian technology and semiconductor selloff unfolded. The Single Name Equity book detracted, predominantly through names linked to AI and electrification. Traditional Fixed Income also contributed, mainly on the back of a positive rate effect as sovereign yields retreated. Risk-Reducing strategies were another source of gains, with equity downside mitigation exposures benefitting from a broad rise in implied volatility. Liquid Alternatives were a net detractor, almost entirely because of losses in Equity Market Neutral and Multi-Strategy exposures, driven by short stock picks and short rate positions respectively.
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).
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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.
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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.
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