13 January 2020
December 2019 - Conflicting signals between macroeconomic fundamentals and risk asset prices encourage a tactical approach - Tactical Fund Manager's Comments
- 2019 was characterized by conflicting signals between macroeconomic fundamentals and risk asset prices; once again central banks omnipresence weighted more in the balance and acted as a tailwind for financial markets
- Going into 2020, we observe tight valuations in many areas of the fixed income market, hence our tactical approach currently
- We continue to lock profits where the upside becomes limited and build new positions/strategies when we deem being properly compensated on a risk/reward basis
The below table illustrates the current positioning of the RAM Global Bond Total Return Fund. The risk level, ranging from 0 to 5, provides with an indication of the risk by strategy, with 5 being the maximum level of risk that can be taken in line with the investment philosophy of the fund.
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