Multi-Asset Monthly Comment - April 2024

RAM Global Multi-Asset

Geopolitical tensions and higher than anticipated inflation data were the primary drivers behind the pullback in risk asset prices observed in April. Expectations for the first rate cut in the US have gradually been postponed to the end of the year as the ‘higher for longer’ narrative gained prominence, while in Europe, inflation data were more supportive of a rate cut in June. On the economic data front, job data, manufacturing activity and consumer sentiment in the US displayed signs of resilience. Although equity volatility surged in the first part of the month, it subsequently receded significantly as concerns about the worst-case scenario in the Middle East dissipated. Global equities closed lower, with interest rate sensitive segments of the market underperforming. While interest rates rose and spreads remained stable to slightly wider, credit indices also posted a negative performance.¹ Gold continued its upward trend, driven by the demand for safe-haven assets, and the dollar index was up.

The Single Name Equity bucket produced gains that were driven by China and US Tech exposures as well as EU Consumer Staples names. In Diversified Equities, climate-related and shareholder retribution themes represented most of the negative contribution, while the EU all-cap exposures were flat. Fixed Income exposures detracted from performance due to Investment Grade (IG) corporate bonds and Developed Markets (DM) government bonds suffering from the negative duration effect. All the strategies in the Alternative category delivered a positive performance during the month of April, with the bulk of the positive contribution stemming from Equity Market Neutral strategies. Risk Reducing strategies were up as both equity downside mitigation strategies and gold-related exposures benefitted from the heightened uncertainty over the month.

¹ Past performance is no guarantee of future returns.

_____________

Important Information

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 to shares in any jurisdiction where such an offer or solicitation would not be authorized 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. 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.
A summary of Investors’ rights is available on: https://www.ram-ai.com/en/regulatory-information
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, RAM Active Investments (Europe) S.A., 51 av. John F. Kennedy L-1855 Luxembourg, Grand Duchy of Luxembourg.
The source of the above-mentioned information (except if stated otherwise) is RAM Active Investments and the date of reference is the date of this document.