Multi-Asset Monthly Comment - July 2023

RAM Global Multi-Asset

Investors’ sentiment continued to be positive over the month as the soft-landing narrative in DM was reinforced thanks recent macroeconomic data surprising to the upside. The high beta segments of risk assets exhibited the best returns overall. In equities, gains were broad-based, with Mid & Small Cap and EM indices outperforming the broader market. Fixed income also printed positive returns, mainly supported by credit spread tightening and carry effects. US Treasuries and European government bonds lost some ground as Q2 GDP data was relatively strong, while a downside surprise to the June consumer price index in the UK supported Gilts. Commodities market closed the month in positive territory as oil and agriculturals prices led gains in this segment. 

The Traditional Equity book represented the bulk of the positive contribution in July. Single Name Equities, especially China Tech exposures, outperformed. US Communication Services and Tech names also added to gains. In Diversified Equities, the all-cap EM and the climate-related theme drove returns. The Tactical Fixed Income part of the portfolio benefited from EUR HY bonds (both corporate and financials) and from global IG exposures to a lesser extend due to the negative duration effect in EUR and USD bonds. The Risk Reducing bucket posted a positive return, with directional versus option-based strategies, gold-related and tail hedge FX exposures contributing positively. Alternative strategies delivered a negative return, mainly due to Equity Market Neutral strategies. Other exposures in this category such as Fixed Income Long/Short and Macro Systematic generated a positive return. 

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Important Information
RAM (Lux) Systematic Funds -Global Multi-Asset Fund is a Sub-Fund of RAM (Lux) Systematic Funds, a Luxembourg SICAV with registered office: 14, Boulevard Royal L-2449 Luxembourg, approved by the CSSF and constituting a UCITS (Directive 2009/65/EC).
RAM (Lux) Tactical Funds -SUSTAINABLE NEXTGEN TMF* 2028 FUND and SUSTAINABLE FLEXIBLE FUND are a Sub-Funds of RAM (Lux) Tactical Funds, a Luxembourg SICAV with registered office: 14, Boulevard Royal L-2449Luxembourg, approved by the CSSF and constituting a UCITS (Directive 2009/65/EC).
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