Multi-Asset Monthly Comment - May 2025 [nur auf Englisch]

RAM Global Multi-Asset Fund 

Sentiment improved on the back of positive developments in trade negotiations, the US economy continued to show resilience, particularly in the services sector and corporate earnings, though the manufacturing sector exhibited signs of contraction. Global economic growth forecasts for 2025 were broadly revised downward, primarily due to heightened trade tensions. Inflation remained a key concern, prompting the Fed to maintain a cautious stance on interest rates. In the Eurozone, the ECB held its key interest rate steady, acknowledging easing inflation but emphasising the region’s vulnerability to external shocks. Financial markets reacted positively to a significant mid-month de-escalation of trade tensions between the US and China, which served as a major catalyst for equity gains and credit spread tightening. In contrast, US Treasuries weakened across the curve, reflecting concerns over fiscal deficits, inflationary pressures, and a more hawkish Fed. The Dollar Index and gold exhibited muted moves, while oil prices rose.

Traditional equity exposures were the main contributor to positive performance in May. Single Name Equities, particularly US and EM tech exposures, outperformed. Within Diversified Equities, the income theme, as well as all-cap Europe and EM exposures, drove returns. The Tactical Fixed Income portion of the portfolio detracted from performance, due to a negative duration effect from high-quality corporate bonds and DM government bonds. Alternative strategies delivered positive returns, primarily driven by Equity Market Neutral strategies that generated alpha on both the long and short sides. Fixed Income Long/Short and Event Driven strategies also contributed, while CTA and Macro Systematic exposures slightly detracted. The Risk-Reducing bucket posted losses, mainly due to the decline in equity implied volatility.

For a complete overview of the strategy, please refer to the PRIIPs KID available under https://www.ram-ai.com/en/systematic-funds/global-multi-asset

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 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.
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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.
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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.
the fund is classified as art.8 SFDR
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.