Systematic Equities Monthly Comments - July 2026

RAM Emerging Markets Equities

The RAM (Lux) Systematic Funds - Emerging Markets fund (hereinafter ‘the Fund’) (Class-IP USD net of fee*) gained 1.36% in July 2026, outperforming its benchmark, the MSCI Emerging Markets Index, which fell 3.07%.

A global AI/semiconductor sell-off wiped over $1 trillion from chip valuations while renewed Middle East tensions weighed on sentiment; the Fed held its target range at 3.50-3.75% and Brent climbed near $89/bbl after Houthi forces declared a Red Sea blockade.

Factor dispersion was extreme, with High Dividend (+7.80%) and Value leading while Momentum (-12.21%) and Low Size lagged.

South Korea contributed the most through underweight positions in SK hynix and Samsung Electronics, making semiconductors the principal tailwind within Information Technology; India also weighed, and Financials was the main sector drag, led by major banks including China Construction Bank. Mid and Large Caps contributed while Small Caps added modestly.

In its latest rebalancing, the fund increased Industrials, Information Technology and Health Care while reducing Communication Services and Consumer Staples.

*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

The RAM (Lux) Systematic Funds – European Market Neutral Equity fund (Class-I EUR net of fee*) delivered an absolute net return of -1.30% in July 2026, a result largely independent of market direction.

The MSCI Europe Index returned +0.97%, carrying the region to record highs as the STOXX 600 set an all-time peak on the month's final session, supported by second-quarter profit growth tracking 20.8% year-on-year and AI-linked semiconductor enthusiasm. Euro area flash HICP accelerated to 2.9% on a 10.0% energy component, the ECB held its deposit rate at 2.25% on 23 July, and the 10-year Bund yield rose some 30bp to 3.20%.

On a long/short basis factor dispersion was extreme, with Value and High Dividend leading while Momentum and Quality lagged.

In the systematic-fundamental book, the long side contributed +1.10% and the short side detracted -2.49%. France (+0.57%) and Norway (+0.33%) contributed, led by Sopra Steria and BlueNord, while Switzerland (-0.71%) and Italy (-0.63%) detracted. Energy (+0.86%) and Communication Services (+0.38%) contributed, the latter helped by shorts in SES and Universal Music as they fell; Industrials (-1.17%) detracted through industrial machinery and aerospace names such as Nordex, and electronic components weighed within Information Technology via Technoprobe and AT & S.

Small Caps contributed modestly while Large and Mid Caps detracted. The statistical-arbitrage sleeve, a separate market-neutral mean-reverting engine, detracted -0.29%.

At the latest rebalancing, the fund raised its net-long bias in Real Estate and reduced it in Industrials, Health Care and Consumer Discretionary.

*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.

‍

RAM European Equities

The RAM (Lux) Systematic Funds – European Equities fund (Class I EUR net of fee*) gained +1.30% in July 2026, outperforming its benchmark, the MSCI Europe Index, which rose +0.97%.

European equities set fresh highs on a strong Q2 earnings season, with STOXX 600 profits tracking +20.8% year-on-year, though mixed US big-tech results kept the rally concentrated. Euro area flash HICP accelerated to 2.9% as Brent topped $90, both the ECB and Fed held rates, and the 10-year Bund rose 30bp to 3.20%.

Factor dispersion was extreme, with Value and High Dividend leading while Momentum and Quality lagged.

At the country level, the Netherlands led on an underweight in a large semiconductor name that also made Information Technology the top contributing sector; Norway and France added modestly, while the United Kingdom detracted the most and Italy weighed. Beyond IT, Energy contributed while Financials was the main drag and Industrials weighed via industrial machinery; Mid and Small Caps contributed while Large Caps detracted.

In its latest rebalancing, the fund raised Information Technology, Health Care and Utilities while cutting Energy, Communication Services and Industrials.

*Note: I 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 6.59% in July 2026, while the global equity market rose 0.51%.

The near-flat MSCI World masked a sharp rotation: an AI capex re-rating drove the Nasdaq-100 down about 7% while European indices hit fresh highs on energy, miners and banks. US-Iran tensions around Hormuz lifted Brent 24% to $90.12; the Fed held 3.50%-3.75% and the ECB 2.25% as June CPI cooled to 3.5% yoy.

Factor dispersion was extreme: High Dividend and Low Volatility led while Momentum and Low Size lagged.

Relative to the market, the United States (+5.26%) drove country contribution while Switzerland, Germany and Australia were marginal drags. Information Technology (+2.58%) led via packaged software rather than semiconductors, followed by Industrials (+1.52%, industrial machinery) and Financials; Cboe Global Markets, Hasbro and Paychex topped single names while Schindler, Unum and UCB detracted, and Large Caps drove most of the return.

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

*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.

‍

RAM Global Equity Income

The RAM (Lux) Global Equity Income Fund (hereinafter the ‘Fund’) (Class-IP USD net of fee*) gained 6.95% in July 2026, outperforming its benchmark, the MSCI World High Dividend Yield, which rose 3.89%.

A near-flat MSCI World (+0.51%) masked a sharp rotation: an AI-capex re-rating drove the Nasdaq-100 down about 7% as semiconductors shed over a trillion dollars, while the STOXX 600 and FTSE 100 hit record highs; Hormuz tensions sent Brent up 24% to $90.12, the Fed held at 3.50-3.75% and US CPI cooled to 3.5%.

Factor dispersion was extreme, with High Dividend and Low Volatility leading while Momentum and Low Size lagged, favouring the strategy.

At the country level, the United States contributed the most, joined by Hong Kong and the United Kingdom, while Ireland, France and Japan detracted. Information Technology, led by packaged software, was the principal contributor, alongside Industrials, while Energy was the main drag and auto parts weighed on Consumer Discretionary. Large and Mid Caps drove the bulk of returns. In its latest rebalancing, the fund increased Industrials, Materials and Health Care while reducing Energy, Financials and Information Technology.

*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*) delivered an absolute net return of +2.59% in July 2026, a market-neutral (beta-neutral) result largely independent of market direction.

The MSCI World Index returned +0.51%, a near-flat headline masking one of the year's sharpest rotations: a re-rating of AI capital spending drove the Nasdaq-100 down roughly 7% as a semiconductor selloff erased over a trillion dollars of value, while the STOXX 600 hit a record high and Brent rose about 24% to $90.12 on renewed US-Iran hostilities, with the Fed holding at 3.50%-3.75% on a divided 9-3 vote.

On a long/short basis factor dispersion was extreme, with High Dividend and Low Volatility leading while Momentum lagged sharply.

In the systematic-fundamental book, the long side contributed +1.75% and the short side +0.05%, led by the United States (+2.61%) and Japan (+0.45%); Information Technology (+0.90%) was the strongest sector, driven by packaged software and IT services names such as Rapid7 and Procore, though semiconductors detracted as SK hynix weighed on both IT and South Korea. Financials (-0.38%) and pharmaceuticals (-0.60%) were a drag, notably a short in Crinetics Pharmaceuticals. Small and Mid Caps contributed more than Large Caps.

The statistical-arbitrage sleeve, a separate market-neutral mean-reverting book, contributed +0.45%.

At the latest rebalancing the fund, raised its net-long bias in Consumer Discretionary, Financials and Consumer Staples while reducing it in Health Care, Information Technology and Materials.

*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.