Multi-Asset Monthly Comment - April 2025

RAM Global Multi-Asset Fund 

On April 2, President Trump announced sweeping tariffs, imposing a baseline 10% duty on all imports, with higher rates for specific countries. This move marked a significant shift towards protectionist trade policies. The EU and China responded strongly, escalating global trade tensions. Equity and credit markets reflected the heightened uncertainty, posting substantial losses amid fears of a prolonged trade war and a stagflationary environment. Long-term US government bond yields moved higher, and with rising concerns about the cost of servicing national debt, the President partially reversed some of the tariff measures – though pressure on China remained.  As a result, risk assets rebounded sharply from early-month losses. The USD weakened throughout April, nearing three-year lows, reflecting declining confidence in US financial stability. Oil prices dropped and hit their lowest levels since 2021, while gold continued to rally.

Risk-Reducing and Traditional Fixed Income exposures generated positive returns over the month. With equity volatility surging, option-based downside mitigation strategies contributed meaningfully, as profits were realized on several positions. The tilt toward EU government bonds and developed market quality credit added positively, driven by investor perception of German Bunds as a safe haven and growing expectations that the ECB will continue to cut rates. Within the Liquid Alternatives category, Equity Market Neutral, Fixed Income Long/Short, and Event-Driven strategies were the primary contributors to performance, while Macro Systematic and CTA slightly detracted. Equity exposures benefited from gains in the Diversified Equity book, although underperformance of EM Tech names within the Single Name Equities segment tempered the overall positive contribution.

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.
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, 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.