Systematic Equities Monthly Comments - April 2026

RAM Emerging Markets Equities

Emerging markets posted their strongest month since April 2009, with the MSCI EM Index returning 14.7%. The AI trade was the dominant driver of a rally concentrated in mega caps: the IT sector alone accounted for more than two-thirds of the gain.

The RAM (Lux) Systematic Funds - Emerging Markets fund (hereinafter ‘the Fund’) (Class-IP USD net of fee*) returned 7.7% over the month and is up 9.1% year-to-date against an index return of 14.5%. Samsung Electronics, SK Hynix and Taiwan Semiconductor were the largest contributors — as for the index — but with materially lower position concentration. On the detractor side, Thai Financials, Consumer Staples and stock selection in India weighed on relative returns.

Risk concentration in the index has reached an unprecedented level: Taiwan Semiconductor, Samsung Electronics and SK Hynix now jointly represent approximately 25% of the MSCI EM Index. With three stocks driving a quarter of the benchmark and all exposed to the same underlying thesis, an unwind of the AI trade would translate directly into a sharp, concentrated drawdown for passive EM investors. The strategy remains anchored in disciplined risk diversification, with the aim to offer a lower-risk access point to a broad set of EM opportunities (see The Active Opportunity in Emerging Markets Beyond AI | RAM AI). Beyond IT, we continue to hold attractively valued growth exposure in Consumer Staples and Health Care, both overweight versus the index. During the month, we reallocated to Chinese Communication Services names and now sit broadly in line with the index on China.

*Note: IP USD share class currently registered in LU, AT, CH, DE, DK, ES, FI, FR, UK, IT, NL, NO, SE, SG (foreign restricted recognised scheme). Please click on the above link to access the fund factsheet and obtain a global overview of performance since inception. Past performance is not a reliable indicator of future returns.

**The portfolio is actively managed with reference to a benchmark. While the product compares its performance against the Index, it does not try to replicate this benchmark and freely selects the securities that it invests in. The deviation with this benchmark can be significant.

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RAM European Market Neutral Equity

April saw a record rebound in global equities as investors looked through the risks posed by the conflict in Iran. The RAM (Lux) Systematic Funds – European Market Neutral Equity fund (Class-I EUR net of fee*) returned 0.64% over the month and is up 2.1% year-to-date, advancing despite a strong headwind from short covering and high-beta outperformance — both typically adverse environments for a market-neutral strategy.

On the long book, the momentum inefficiency was the most productive contributor over the month, while our Machine Learning-driven picks performed best on the short side. Statistical arbitrage was close to flat over the month and remains the most negative contributor year-to-date. Long picks in Communication Services were among the strongest individual contributors, and we maintain a net long in the sector. On the short book, Large Cap shorts in Consumer Staples and Materials were the top contributors.

Shorts in IT were the principal detractors, with several semiconductor names extending gains at already stretched valuations — likely amplified by short covering rather than fundamental re-rating. The fund's net long IT positioning partially offset the impact.

The book's net quality bias and fundamentally driven positioning are designed to provide meaningful diversification should the current record capex cycle hit a speedbump. With AI-related concentration and valuations now at extreme levels across global equity benchmarks, a disciplined market-neutral approach makes more diversification and expected-return sense than ever.

*Note: I EUR share class currently registered in LU, AT, CH, DE, ES, FR, UK, IT, NL, SE, SG (foreign restricted recognised scheme). Please click on the above link to access the fund factsheet and obtain a global overview of performance since inception. Past performance is not a reliable indicator of future returns.

**The portfolio is actively managed with reference to a benchmark. While the product compares its performance against the Index, it does not try to replicate this benchmark and freely selects the securities that it invests in. The deviation with this benchmark can be significant.

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RAM European Equities

European Equities recovered well from the previous month which was impacted by the war in Iran, while the odds of a rate hike by ECB increased. In this context, the RAM (Lux) Systematic Funds – European Equities fund (Class I EUR net of fee*) returned 5.59%, against 5.19% for its benchmark, the MSCI Europe Net Total Return Index. Our Momentum and Machine Learning books strongly performed while our Value selection was in line with the benchmark and our Defensive book slightly lagged.

Energy, Health Care and Communication Services were the best relative contributing sectors, thanks to a strong selection. Our Industrials and Consumer Staples picks also overperformed. The underweight in the Financials led to a negative allocation effect, while our slight underweight in Health Care positively contributed to the relative performance.

The UK, Switzerland and Norway were the strongest positive contributors, while our overweight in the latter detracted. Our Dutch, Swedish and Danish picks lagged.

The fund lagged in the Large Cap segment, but our Mid Cap selection strongly overperformed while our Small Cap picks ended the month in line with the benchmark's performance on the segment.

*Note: I EUR share class currently registered in LU, AT, CH, DE, DK, ES, FI, FR, IT, NL, UK, NO, SE, SG (foreign restricted recognised scheme). Please click on the above link to access the fund factsheet and obtain a global overview of performance since inception. Past performance is not a reliable indicator of future returns.

**The portfolio is actively managed using a benchmark. Although the product compares its performance against the Index, it does not seek to replicate this benchmark and is free to choose the securities in which it invests. The difference with this benchmark may be significant.

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RAM Global Equity Low Carbon

The RAM (Lux) Systematic Funds – Global Equity Low Carbon Fund (hereinafter the ‘Fund’) (Class-PI USD net of fee*) gained 2.91% in April. Global markets, as measured by the MSCI World, rose 9.59%, as investors staged a powerful rotation back into the AI complex despite persistent geopolitical tensions, with the Strait of Hormuz still disrupted and Brent crude pushing above $110 per barrel.

In this market environment, growth and momentum stocks sharply outperformed, a complete reversal of the Q1 rotation, while low volatility, value, and high dividend stocks lagged significantly amid extreme factor dispersion.

The strategy was held back by its defensive sector positioning, with Utilities, Healthcare, and Consumer Staples detracting from performance. The IT sector allocation was mixed, as Software ended the month close to flat while Hardware & Equipment contributed positively. Financials was the top sector contributor.

Europe was the main regional driver, particularly the Netherlands, the UK, and France, while the US lagged, mainly due to the Health Care and Software allocations. Most of the performance came from Large Caps, while the mid-cap allocation ended the month down. In its latest rebalancing, the strategy increased its exposure to Health Care, while reducing allocations to Information Technology and Consumer Discretionary.

*Note: PI USD share class currently registered in LU, AT, BE, FI, UK, NO, SE, SG (foreign restricted recognised scheme). Please click on the above link to access the fund factsheet and obtain a global overview of performance since inception. Past performance is not a reliable indicator of future returns.

**The portfolio is actively managed using a benchmark. Although the product compares its against the Index, it does not seek to replicate this benchmark and is free to choose the securities in which it invests. The difference with this benchmark may be significant.

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RAM Global Equity Income

The RAM (Lux) Systematic Funds - Global Equity Income Fund (hereinafter the ‘Fund’) (Class-IP USD net of fee*) gained 5.37% in April, outperforming its benchmark, the MSCI World High Dividend Yield Index, which rose 3.21%. Global markets staged a powerful rally during the month, with the MSCI World Index advancing 9.59%, as investors rotated back into the AI complex despite persistent geopolitical tensions, with the Strait of Hormuz still disrupted and Brent crude pushing above $110 per barrel.

The market environment was marked by extreme factor dispersion, in a complete reversal of the Q1 rotation, with Momentum and Growth sharply outperforming, while Low Volatility, Value, and High Dividend lagged materially. The Share Buyback factor was only slightly negative.

Regionally, performance was largely driven by stock selection, with the US, UK, and Ireland the standout contributors. At the sector level, Energy and Health Care were the top contributors, with both allocation, through underweights, and selection proving accretive. IT contributed positively to allocation thanks to an overweight, although selection detracted.

From a market cap perspective, Mid Caps were the main driver, entirely through selection, followed by Large Caps. In its latest rebalancing, the fund increased its exposure to Health Care, IT, and Energy, while reducing its allocation to Financials and Consumer Staples.

*Note: IP USD share class currently registered in LU, AT, CH, DE, DK, ES, FI, FR, IT, NL, NO, SE, SG (foreign restricted recognised scheme). Please click on the above link to access the fund factsheet and obtain a global overview of performance since inception. Past performance is not a reliable indicator of future returns.

**The portfolio is actively managed using a benchmark. Although the product compares its against the Index, it does not seek to replicate this benchmark and is free to choose the securities in which it invests. The difference with this benchmark may be significant.

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RAM Global Market Neutral Equity

The RAM (Lux) Systematic Funds - Global Market Neutral Equity Fund (Class-PI USD net of fee*) was down -0.85% in April, in a strong risk-on environment which saw the MSCI World index gain 5.84%.

Despite continued geopolitical tensions, with the Strait of Hormuz still disrupted and Brent crude pushing above $110 per barrel, markets staged a powerful rotation back into the AI complex.

Growth equities sharply outpaced value, a complete reversal of the Q1 rotation, as investors re-embraced names leveraged to the global AI investment cycle.

In that environment, momentum inputs were the strongest contributors, with growth inputs a close second, while value and defensive inputs lagged.

The systematic fundamental book detracted, with the long side underperforming as the rally favoured growth and momentum over quality and defensive exposures. That was partially offset by the net long in IT, benefiting from the sharp increase in Technology Hardware names less crowded than the mainstream US semiconductor plays and by the rebound of Korean technology companies, which had corrected sharply in March.

The statistical arbitrage strategy contributed positively, helped by the recovery in battered consumer staples names trading at depressed valuations.

The Fund remains long IT and Communication Services, and short Materials.

*Note: PI USD share class currently registered in LU, CH, DE, DK, ES, FI, UK, IT, NO, SE, SG (foreign restricted recognised scheme). Please click on the above link to access the fund factsheet and obtain a global overview of performance since inception. Past performance is not a reliable indicator of future returns.