Multi-Asset Monthly Comments - August 2026
RAM Global Multi-Asset Fund
Warsh’s first appearance as Fed Chair at the annual Jackson Hole symposium proved the defining moment of the month. Deliberately eschewing forward guidance, he warned that summer inflation readings had not yet demonstrated meaningful underlying improvement and affirmed the Fed’s readiness to act if needed, sending rate hike probabilities sharply higher, lifting the September meeting to a near coin-flip, and triggering a late-month pullback in equities from mid-month record. Prior to that intervention, the tone had been notably more constructive, with global equities advancing on the back of strong earnings – technology, materials, and energy being the key drivers, while defensive and rate-sensitive sectors lagged as the bond yield overhang weighed. Corporate bonds fared better than government debt, with high yield outperforming investment grade as spreads tightened, even as longer-term sovereign yields across major markets hit multi-year highs under the combined pressure of mounting fiscal deficits and heavy issuance. Oil held firm around the high-eighties as US–Iran tensions remained unresolved, while gold’s partial recovery from June’s historic decline was sharply checked by Warsh’s closing remarks at month-end. Finally, the US Dollar Index came under notable pressure mid-month as the Treasury’s announced expansion of long-bond buybacks stoked dollar debasement concerns.
Traditional strategies drove the bulk of positive returns, with the Diversified equity sleeve leading the way, underpinned by strength across governance-oriented, climate-focused, and global equity income themes. Emerging Markets all-cap exposures added incrementally on the positive side. The Single Name Equity book detracted, as weakness across EU electrification names and Asian tech more than offset gains from US AI-related exposures. Fixed Income detracted from performance over the period, primarily driven by a negative duration effect, as this bucket’s bias towards quality credit and government bonds left it more exposed to rising yields. Alternative strategies contributed positively in aggregate, with Equity Long/Short doing the heavy lifting, supported by Multi-Strategy allocations, while Fixed Income Long/Short was the only detractor within the sleeve. The Risk Reducing allocation was the primary source of losses, with options positioning responsible for the bulk of the drag; equity index futures provided only limited relief within this category.
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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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.
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