Multi-Asset Monthly Comment - August 2024

RAM Global Multi-Asset

August experienced a significant and brief spike in equity volatility, initially triggered by a weaker US jobs report. The situation intensified with the Bank of Japan's decision to further normalise its policy, leading to a massive unwinding of JPY carry trades. However, by the end of the month, the impact had largely faded as financial markets quickly recovered the losses incurred. Early macroeconomic data pointed to slower growth, a weakening U.S. job market, and softer-than-expected inflation, which reignited recession fears. While manufacturing activity remained in contraction, the services sector continued to show overall strength. Consequently, investors began to anticipate aggressive rate cuts in developed markets. Gold extended its rally due to a weaker dollar, while oil prices declined primarily due to growth concerns and easing geopolitical tensions.

Risk Reducing strategies contributed the most over the month, driven by equity-related exposures. Some profit has been taken on these positions. The Bond bucket, focused on developed market government and high-quality corporate bonds, benefitted from positive interest rates and carry effects. In the Liquid Alternative category, gains were recorded across almost all strategies, with Equity Market Neutral and Fixed Income Long/Short delivering the best returns and Macro Systematic being the exception to close in negative territory. Equity exposures also generated positive performance, supported by US and EM Tech exposures in the Single Name Equity book. Within Diversified Equities, European all-cap and climate-related themes made the largest positive contribution.

For a complete overview of the strategy please refer to the PRIIPs KID available under https://www.ram-ai.com/en/strategies

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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.
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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.
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 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.