Systematic Equities Monthly Comments - August 2026

RAM Emerging Markets Equities

The RAM (Lux) Emerging Markets Equities Fund (Class-IP USD net of fees*) gained 1.71% in August, against +3.37% for the MSCI Emerging Markets Index and its strongest August in decades. Dollar weakness and renewed AI speculation drove an aggressive Information Technology rebound. Nvidia’s guidance for approximately 70% revenue growth re-underwrote the semiconductor bull case, and this time the bid extended past the North Asian majors into smaller-cap AI supply-chain names.

Factor dispersion was extreme: Low Size and Momentum led, High Dividend and Value lagged. The shortfall is almost entirely explained by the AI trade. Information Technology was the principal sector drag, and Taiwan and South Korea the largest country detractors, in both cases on our underweights in the large AI-linked semiconductors. Large Cap detracted and Small Cap contributed. Energy, led by oil refining, was the top contributor, with Greece and Thailand also positive. The book keeps its quality bias and a free cash flow yield near 9%, more than double the index.

The latest rebalancing added Health Care, Consumer Discretionary and Real Estate, while decreasing Financials, Communication Services and Information Technology exposures.

*Note: IP USD share class currently registered in LU, AT, CH, DE, DK, ES, FI, FR, UK, IT, NL, NO, SE. 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

The RAM (Lux) Systematic Funds – European Market Neutral Equity fund (Class-I EUR net of fees*) returned +1.48% in August 2026. European equities were close to flat over the month, with the MSCI Europe Index up 0.46%.

The return was earned on both sides of the book. At around 2.7x gross and a net long of roughly 15%, the systematic-fundamental longs contributed +3.70% and the shorts -1.80%. The statistical-arbitrage sleeve cost the fund 0.07%, or -0.31% standalone. Europe made its high early. The STOXX Europe 600 set a record on 4 August on the strongest reporting season since 2022, with Q2 earnings up 24.1% year on year and euro-area Q2 GDP of +0.40% quarter on quarter, then drifted sideways. Warsh’s 28 August Jackson Hole address lifted September-hike odds to about 56%, euro-area inflation re-accelerated to 3.3%, and renewed strikes on Larak Island pushed Brent back above $90. Long/short factor dispersion was moderate, Low Size leading at +2.05% and High Dividend weakest at -1.86%.

Germany, the UK and Denmark contributed, while Switzerland, France and Sweden weighed. By sector the leaders in terms of selection were Information Technology, Materials and Energy, the laggards Health Care, Consumer Staples and Industrials. Mid and Large Cap contributed, Small Cap modestly.

*Note: I EUR share class currently registered in LU, AT, CH, DE, ES, FR, UK, IT, NL, SE. 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.

RAM European Equities

The RAM (Lux) Systematic Funds – European Equities fund (Class-I EUR net of fees*) gained 2.25% in August 2026, outperforming its benchmark, the MSCI Europe Index, which rose 0.46%. The index’s gain came almost entirely in the first week, on a record 4 August close after second-quarter earnings rose 24.1%; hawkish Jackson Hole remarks and Brent back above $90 then capped it.

Factor dispersion was moderate: Low Size (+2.05%) and Quality led, as mid-cap industrial and IT-services holdings joined the earnings-led rally, while High Dividend (-1.86%) and Momentum lagged as higher two-year yields weighed on high yielders. At the country level, the United Kingdom contributed +0.82%, France and Denmark modestly; Sweden and the Netherlands were slight drags. Those same holdings lifted Industrials (+0.53%) and Information Technology (+0.38%) through electrical-product and IT-services positions, with Energy also contributing and Materials a slight drag. Mid Cap contributed most, Large and Small Cap modestly.

Over the month and at the latest rebalancing, weightings moved towards Industrials, Materials and Energy from Information Technology, Financials and Health Care.

*Note: I EUR share class currently registered in LU, AT, CH, DE, DK, ES, FI, FR, IT, NL, UK, NO, SE. 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 (Class-PI USD net of fees*) gained 3.08% in August 2026; the global equity market rose 2.58%. Global equities pushed to fresh highs on cooling US inflation and blockbuster AI earnings, with Nvidia posting $96.2bn revenue, before Fed Chair Warsh warned at Jackson Hole that PCE stood at 3.7%, pushing the US 10-year to 4.73%; Brent held $80-95 on Hormuz constraints.

Factor dispersion was muted, with Low Size and Value leading while High Dividend and Momentum lagged. Relative to the market, the United Kingdom, United States and Denmark contributed the most, while Sweden, Japan and Australia detracted. Communication Services, Industrials and Consumer Staples supported returns; Information Technology was the principal drag, led by packaged software, while Tapestry, an apparel/footwear retail name, detracted 0.48% relative to the market and weighed on Consumer Discretionary. Large Cap contributed while Mid Cap detracted slightly.

The latest rebalancing added to Consumer Discretionary, Utilities and Industrials while trimming Information Technology, Consumer Staples and Communication Services.

*Note: PI USD share class currently registered in LU, AT, BE, FI, UK, NO, SE. 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.

RAM Global Equity Income

The RAM (Lux) Global Equity Income Fund (hereinafter ‘the Fund’) (Class-IP USD net of fees*) gained +2.21% in August 2026, outperforming its benchmark, the MSCI World High Dividend Yield, which rose +1.53%. Global equities pushed to fresh highs, the MSCI World up +2.58% as cooling US inflation and blockbuster Nvidia earnings drove the S&P 500 to records; Fed Chair Warsh’s hawkish Jackson Hole tone then lifted the US 10-year to 4.73%, while Brent traded $80-95 on Hormuz constraints.

Factor dispersion was muted, with Low Size and Value leading while High Dividend and Momentum lagged. At the country level, the United Kingdom, Denmark and the Netherlands contributed, with Denmark reinforcing Industrials, while Japan, Ireland and Australia detracted. Information Technology led on packaged software selection, alongside Consumer Staples; Health Care was the principal drag via major pharmaceuticals, and Consumer Discretionary weighed, notably Tapestry (-0.35% relative to the benchmark). Large Cap contributed while Mid Cap were a slight drag.

The latest rebalancing increased Health Care, Financials and Energy, and reduced Industrials, Information Technology and Real Estate.

*Note: IP USD share class currently registered in LU, AT, CH, DE, DK, ES, FI, FR, IT, NL, NO, SE. 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 Market Neutral Equity

The RAM (Lux) Global Market Neutral Equity Fund (Class-PI USD net of fees*) delivered an absolute net return of -0.20% in August 2026. Global equities pushed to fresh highs, the MSCI World gaining +2.58% as cooling US inflation and blockbuster AI earnings carried the S&P 500 to records, before Fed Chair Warsh’s Jackson Hole warning that PCE still ran at 3.7% cooled the tone late in the month and lifted the US 10-year to 4.73%.

On a long/short basis the Defensive engine was the strongest (+4.39%) while Momentum was the weakest (-6.50%) and Value also declined (-4.54%). In the systematic-fundamental book the long side contributed +5.55% and the short side -5.55%: Korea, Canada and Denmark led the country contribution while the US (-1.08%) and Japan (-0.45%) detracted, the US drag concentrated in a short in Bitmine Immersion Technologies that rose against us and Japan in shorts in Fujita Kanko and Appier Group that both climbed. IT contributed (+0.77%), led by packaged-software longs, and materials by precious-metals names (+0.54%), while healthcare (-1.27%) was the main drag through biotechnology and medical-specialties holdings. Large Caps contributed (+1.42%) whereas Small Caps weighed (-1.00%). The statistical-arbitrage sleeve added +0.07% to the fund (+0.63% on a standalone basis).

At the latest rebalancing the fund raised its net-long bias in Utilities and Energy while reducing it in IT, Communication Services and Industrials.

*Note: PI USD share class currently registered in LU, CH, DE, DK, ES, FI, UK, IT, NO, SE. 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.

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