Systematic Equities Monthly Comments - August 2025

RAM Emerging Markets Equities

Emerging Markets equities continued their ascent in August, buoyed by positive global market sentiment and a weakening US dollar.

The RAM (Lux) Systematic Funds - Emerging Markets fund (hereinafter ‘the Fund’) (Class-IP USD net of fee*) significantly outperformed the MSCI EM index, reaching new highs for the year. Performance was also strong relative to small-cap and value indices over the month, extending the fund's significant year-to-date outperformance against both.

At the country level, the fund's overweight allocation to Brazil was a key positive contributor to relative performance. The underweight position in India also proved beneficial as the market continued to underperform.

During the month, the portfolio's exposure to Chinese equities was reduced. Concurrently, we increased our allocation to Saudi Arabia and Vietnam. Towards the end of August, exposure was further increased in India, South Korea, and Thailand, funded by the reduction in Chinese holdings.

At the sector level, the fund remains overweight in Consumer Staples and Health Care, a positioning which provides attractive behaviour on the downside.

*Note: IP USD share class currently registered in LU, AT, CH, DE, DK, ES, FI, FR, UK, IT, NL, NO, SE, SG (foreign restricted recognised scheme). Please click on the above link to access the fund factsheet and obtain a global overview of performance since inception. Past performance is not a reliable indicator of future returns.

** The portfolio is actively managed with reference to a benchmark. While the product compares its performance against the Index, it does not try to replicate this benchmark and freely selects the securities that it invests in. The deviation with this benchmark can be significant.

RAM European Market Neutral Equity

European equities experienced another ‘risk-on’ month in August. The market environment was characterised by a continuation of the short covering in certain sub-segments that began earlier in the summer, notably in areas like internet retail and fisheries stocks. Despite this challenging backdrop for short positions, the RAM (Lux) Systematic Funds –European Market Neutral Equity fund (Class-I EUR net of fee*) delivered a slightly positive performance for the month.

At the strategy level, the systematic fundamental book contributed positively, while the statistical arbitrage book was flat for the month.

Alpha generation was driven by the long/short selection within Communication Services. However, performance was held back by detractors on the short side, particularly within the Industrials and Consumer Staples sectors. Shorts in specific areas, such as internet retail, fisheries, and chocolate manufacturers, faced significant upward pressure and negatively impacted the portfolio.

From a positioning standpoint, the strategies increased net exposure to France following the recent bout of volatility in that market, while the net long exposure to Italy was reduced. The portfolio maintains a defensive tilt, with a net long position in Consumer Staples and a net short in Consumer Discretionary, providing an attractive positioning for potential downside scenarios.

*Note: I EUR share class currently registered in LU, AT, CH, DE, ES, FR, UK, IT, NL, SE, SG (foreign restricted recognised scheme). Please click on the above link to access the fund factsheet and obtain a global overview of performance since inception. Past performance is not a reliable indicator of future returns.

**The portfolio is actively managed with reference to a benchmark. While the product compares its performance against the Index, it does not try to replicate this benchmark and freely selects the securities that it invests in. The deviation with this benchmark can be significant.

RAM European Equities

European Equities strongly performed until the last week of the month, carried by a strong performance of value stocks. Despite a noticeable market pullback late in the month, the RAM (Lux) Systematic Funds – European Equities fund (Class I EUR net of fee*) proved resilient and ended with a gain of 0.62%, against 1.15% for its benchmark, the MSCI Europe Total Return Index.

At the sector level, Information Technology selections outperformed, while Consumer Discretionary, Health Care, and Financials lagged. The overweight in Consumer Staples -- our second largest allocated sector -- helped the fund's relative performance. We increased our allocation to Consumer Staples and IT, funded by a reduction in Financials.

Geographically, our Swedish selection added value, while the fund's picks in the UK, Switzerland, and Spain detracted. An underweight to France was beneficial amid its political instability. We subsequently raised our French, Swiss, and UK exposure while sharply cutting our German allocation.

Finally, strong stock selection in Large- and Mid-Caps was offset by the negative impact of our overweight to the Small- and Mid-Cap segments.

*Note: IP EUR share class currently registered in LU, AT, CH, DE, DK, ES, FI, FR, IT, NL, UK, NO, SE, SG (foreign restricted recognised scheme). Please click on the above link to access the fund factsheet and obtain a global overview of performance since inception. Past performance is not a reliable indicator of future returns.

**The portfolio is actively managed using a benchmark. Although the product compares its performance against the Index, it does not seek to replicate this benchmark and is free to choose the securities in which it invests. The difference with this benchmark may be significant.

RAM Global Equity Low Carbon

The RAM (Lux) Systematic Funds – Global Equity Low Carbon Fund (hereinafter the ‘Fund’) (Class-PI USD net of fee*) gained 3.26% in August. Global markets, as measured by the MSCI World, rose 2.61%, as resilient global economic activity helped investors look past signs of a slowing US labour market.

In this market environment, value and small-cap stocks outperformed, while low-volatility and quality stocks continued to underperform.

The strategy benefitted from strong stock selection in Health Care and Utilities and a low exposure to the technology sector. The US and Europe, particularly Switzerland, Sweden, and the UK, were the top-performing regions for the fund, while the allocation to Asia was a detractor. The fund's Mid-Cap allocation, representing roughly 13% of assets, also contributed positively.

In its latest rebalancing, the strategy decreased its exposure to Health Care, though it remains the largest allocation. The allocation to Consumer Discretionary was also decreased, while exposure to Consumer Staples and Financials was increased.

*Note: PI USD share class currently registered in LU, AT, BE, FI, UK, NO, SE, SG (foreign restricted recognised scheme). Please click on the above link to access the fund factsheet and obtain a global overview of performance since inception. Past performance is not a reliable indicator of future returns.

**The portfolio is actively managed using a benchmark. Although the product compares its against the Index, it does not seek to replicate this benchmark and is free to choose the securities in which it invests. The difference with this benchmark may be significant.

RAM Global Equity Income

The RAM (Lux) Global Equity Income Fund (hereinafter the ‘Fund’) (Class-IP USD net of fee*) gained 5.06% in August, outperforming its benchmark, the MSCI World High Dividend Yield Index, which rose 4.65%. Global markets continued to show strength during the month, with the MSCI World Index posting a solid 2.61% gain, driven by resilient economic data in the United States and positive momentum in Japan. The market environment was positive for Value and Small Cap factors, while Low Volatility and Quality factors underperformed. The High Dividend Yield and Share Buyback factors also outperformed, benefitting the strategy. Regionally, the United States was the main driver of performance. Asia, particularly Japan, also contributed positively. In contrast, Europe detracted from performance, with weakness in France and the UK. Most sectors contributed positively to performance. The strategy benefitted from strong stock selection in Financials, Consumer Discretionary, and IT. However, Energy detracted from performance, lagging at the start of the month before rallying in the last two weeks. The fund's exposure to Small and Mid-Cap stocks also had a positive attribution for the month. In its latest rebalancing, the fund has increased its exposure to the Health Care and Energy sectors while reducing its allocation to Consumer Discretionary and Communication Services.  

*Note: IP USD share class currently registered in LU, AT, CH, DE, DK, ES, FI, FR, IT, NL, NO, SE, SG (foreign restricted recognised scheme). Please click on the above link to access the fund factsheet and obtain a global overview of performance since inception. Past performance is not a reliable indicator of future returns.

**The portfolio is actively managed using a benchmark. Although the product compares its against the Index, it does not seek to replicate this benchmark and is free to choose the securities in which it invests. The difference with this benchmark may be significant.

RAM Global Market Neutral Equity

The RAM (Lux) Global Market Neutral Equity Fund (Class-PI USD net of fee*) gained +1.77% in August, in the context of a broad risk-on rally as the S&P 500 hit record highs following Powell’s dovish Jackson Hole speech, solid US macro data, and an upwardly revised Q2 GDP.

The systematic fundamental engine was the top contributor, well capturing valuation and return dispersion during the healthy rally, which saw Small Cap outperform, and a broad-based contribution for our alpha inputs set, led by Value inputs.

The short side was the main contributor, especially in the Consumer Discretionary sector, on which the fund turned net short recently (restaurant chains, leisure). The allocation to Health Care provided dispersion-driven alpha despite the long bias on this defensive sector.

The statistical arbitrage engine delivered positive returns, well capturing the intramonth volatility as concerns about a weak July jobs report, US consumer sentiment, higher inflation expectations following Trump’s move against Fed Governor Cook, and political developments in France created intermittent headwinds.

The VIX arbitrage strategy contributed strongly, now up more than 10% year-to-date.

The fund maintains net long exposures in IT and Healthcare, net short positions in Utilities and Materials, and has established a new net short position in Consumer Discretionary.

* Note: PI USD share class currently registered in LU, CH, DE, DK, ES, FI, UK, IT, NO, SE, SG (foreign restricted recognised scheme). Please click on the above link to access the fund factsheet and obtain a global overview of performance since inception. Past performance is not a reliable indicator of future returns. 

Important Information
The sub-funds mentioned above are Sub-Funds 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). Mediobanca Management Company S.A. 2 Boulevard de la Foire 1528, Luxembourg, Grand Duchy of Luxembourg is the Management Company.
 
Please note that the share classes mentioned in this document may not be registered in your country of domicile.
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-Fund 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-Fund apply a performance fee. Leverage intensifies the risk of potential increased losses or returns.
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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 refer to the Key Investor Information Document and prospectus with special attention to the risk warnings before investing. This Sub-Funds are classified as art.8 and 9 SFDR. For further information on ESG, please refer to:
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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.
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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 S.A. 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.