Commentaries

Commentaries

6 June 2024

Multi-Asset Monthly Comment - May 2024

RAM Global Multi-Asset

In May, optimism continued to prevail in financial markets. Expectations of rate cuts for this year remained alive, but divergence persisted in terms of timing between the US and Europe. While the US economy maintained overall strength, the rest of the world also showed improvement. However, the dichotomy between hard and soft economic data raised questions about the sustainability of the current context. From a market perspective, equities and bonds posted gains, with growth stocks outperforming while emerging market equities lagged. EUR rates ticked higher due to upside inflation surprises, while the USD ones moved in the opposite direction thanks to progress on price pressures. The greenback reversed course and depreciated, providing relief for some emerging market countries. Meanwhile, gold prices increased, and oil prices retreated.  

The equity exposure of the fund made the bulk of the positive contribution over the month. Gains in the Diversified Equity book were driven by European all-cap stocks. Single Name Equities benefitted from exposures in the US and China Tech names mainly. The positive contribution of the Traditional Fixed Income bucket was contained due to the negative impact stemming from European government and IG corporate bonds. In the Alternative category, the European Equity Market Neutral strategy increased its net long and gross exposure to Consumer Staples and benefitted from picks in this sector as well as in Financials. Fixed Income Long/Short and Event Driven were among other positive contributors. Risk Reducing strategies suffered from the intra-month decline of equity volatility to levels last seen before Covid-19, whereas the gold-related strategy generated a positive return. 

 

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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. 

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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, RAM Active Investments (Europe) S.A., 51 av. John F. Kennedy L-1855 Luxembourg, Grand Duchy of Luxembourg.
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