Commentaries
6 November 2024
Multi-Asset Monthly Comment - October 2024
RAM Global Multi-Asset
October was marked by a mix of strong corporate earnings, ongoing inflation pressures, and geopolitical concerns. In the US, strong job data and higher-than-anticipated inflation prompted investors to scale back expectations for rate cuts. Meanwhile, European PMIs remained in contraction, with the services sector also showing signs of weakness, ECB officials suggested an accelerated pace for future rate cuts. The massive fiscal stimulus announced in China combined with shifting US election odds brought the idea of a potential global reflation trade. This environment contributed to a significant rise in yields for DM government bonds, generating at the same time volatility across equity markets. Gold continued to attract demand amid heightened tensions in the Middle East and uncertainty around the US election.
Traditional Fixed Income exposures weighed on performance, particularly IG names, which were negatively impacted by higher interest rates. Equities also detracted from performance, though Diversified exposures with an income focus outperformed, while Single-Name Stocks, especially the US Tech exposures, underperformed. Within Liquid Alternatives, positive performance came from Equity Market Neutral, Fixed Income Long/Short, and Event Driven strategies, which posted gains on both their long and short positions. Increased political and monetary policy uncertainty drove equity volatility higher over the month, benefiting Risk Reducing 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.
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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, Mediobanca Management Company SA, 2 Boulevard de la Foire 1528 Luxembourg, Grand Duchy of Luxembourg.
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