Multi-Asset Monthly Comment - September 2024

RAM Global Multi-Asset

Financial markets experienced volatility during the first days of September. This move was largely driven by shifting expectations around central bank policies and concerns over slowing economic growth and softer labor market conditions. The Fed’s 50 bps rate cut was welcomed by investors, who interpreted it as a signal of further easing. In response, equity markets rebounded, yields on treasuries declined, supporting fixed income assets. The dollar depreciated against major currencies, oil remained sensitive to geopolitical factors and economic concerns fed fears of weaker demand. Finally, gold posted strong gains on the back of easing monetary policy and economic uncertainty.

Traditional assets were the primary contributors to performance, with equities accounting for most of the gains. Within single-stock equity exposures, China and U.S. technology stocks delivered the largest positive contributions, followed by all-cap exposures in emerging markets. In the Tactical Fixed Income segment, investment-grade and developed market government bonds had a notable positive impact, with EU high-yield exposure also generating gains. In the Alternative category, the standout performer continued to be the Equity Market Neutral strategy. Fixed Income Long/Short also provided a positive return, while other strategies such as CTA, Macro Systematic, and Event Driven had minimal effect on performance. Risk-reducing strategies closed in positive territory, largely due to profits secured earlier in the month.

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.
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.