Systematic Equities Monthly Comments - September 2026

RAM Emerging Markets Equities

The AI supply chain held up well again in September, with Taiwan’s market closing at a record, even as signs multiplied that the AI capex cycle may have gone too far. The RAM (Lux) Emerging Markets Equities Fund (Class-IP USD net of fees*) holds 23.5% in IT, against 44% for the index, and took profits there at the latest rebalancing to recycle the gains into cheaper, cash-generative businesses. Thailand is where our process currently finds the most of them: 9.3% of the fund against 0.9% of the index, mainly in financials, energy, and consumer stocks. The model’s conviction there rests on their low-risk profile and upward earnings revisions, followed by value and income. The same quality and income bias runs through the whole portfolio: a 9.58% free-cash-flow yield against 4.73% for the index, and a 3.3% dividend yield against 1.87%. Over the periods shown, that bias has contributed positively. The fund has returned 9.7% a year over five years and 9.5% over ten, ahead of the index (8.9% and 9.1%), and 7.8% a year since the IP class launched in 2012, against 5.9%. This has been achieved with lower volatility. This year, the fund's volatility is 14.8%, against 25.7% for the index (up from 15.8% in 2025). Over five years, the fund's volatility is 13.1%, against 17.7% for the index.

*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

Rising rates and wider credit spreads are making the market more selective. With the ECB and the Fed both hiking, the Bund yield at its highest since 2009 and high-yield spreads at their widest since April, investors are separating companies that fund themselves from those that depend on cheap money, and that is opening numerous opportunities on the short side. In September, our single-stock shorts added 3.5% (5.0% for the whole short side, including the index hedge), led by Consumer Discretionary (+0.9 points) and Industrials (+0.8 points), with Financials (+0.6) and Communication Services (+0.5) close behind. Consumer Discretionary has been the most consistent source: over the third quarter our shorts there added 0.5 points, with two-thirds of them profitable. The long book held its ground as MSCI Europe fell 2.4%, with picks in Technology and Industrials adding 1.2 points between them, and the RAM (Lux) Systematic Funds – European Market Neutral Equity fund (Class-I EUR net of fees*) gained 3.4% over the month.

*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*) declined 0.46% in September 2026, outperforming its benchmark, the MSCI Europe Index, which fell 2.40%. European equities fell as an energy-price shock tied to the Iran war revived inflation fears and drove a global surge in bond yields, prompting both the ECB and the Federal Reserve to raise rates. Among the fund's own style engines, Momentum was the clear leader and the only one to finish positive, while Value and Defensive slipped slightly and Machine Learning was the weakest. Switzerland and Germany contributed positively, while the Netherlands detracted, its drag driven by ASML, whose position contributed -0.4% relative to the benchmark. Industrials contributed +1.3% to the fund's return, led by marine shipping and electrical products, while Consumer Discretionary made a smaller but still positive contribution. All size segments contributed, led by Mid Caps (+1.6%). In its latest rebalancing, the fund increased its exposure to Energy, Consumer Discretionary and Industrials while reducing Financials, Staples and IT.

*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*) declined 5.25% in September 2026; over the same period the global equity market fell 1.19%. A hawkish turn in monetary policy drove the modest sell-off, as the Federal Reserve raised rates for the first time since 2023 and the ECB also tightened, while Brent crude above $100 a barrel added to inflation worries. AI enthusiasm lifted US Large Cap technology and limited losses, but market breadth stayed narrow. Factor dispersion was extreme, with Momentum and Quality leading while High Dividend and Low Size lagged. Relative to the market, the US was the main detractor (-3.7%), while IT (-1.7%) and Communication Services (-1.0%) were the principal sector drags, led by packaged software and internet software/services holdings; biotechnology holdings contributed modestly. Large Caps accounted for most of the shortfall (-3.4%), while Mid Caps were a slight drag. In its latest rebalancing, the fund increased its exposure to Financials, Utilities and Communication Services while reducing staples, IT and Industrials.

*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*) declined 4.82% in September 2026, underperforming its benchmark, the MSCI World High Dividend Yield, which fell 4.18%. The MSCI World Index returned -1.19% in a modest sell-off driven by a hawkish turn in monetary policy, as the Fed and the ECB raised rates, while Brent crude above $100 a barrel added to inflation worries and AI enthusiasm lifted US Large Cap technology, leaving market breadth narrow. Factor dispersion was extreme, with Momentum and Quality leading while High Dividend and Low Size lagged. The US was the main detractor (-1.0%), with no country contributing materially. IT was the heaviest sector drag (-0.6%), followed by Staples, while major pharmaceuticals and miscellaneous commercial services also weighed; Industrials and Consumer Discretionary contributed modestly, and oil refining and marketing contributed positively. Small/Mid Caps contributed while Large Caps detracted (-0.7%). In its latest rebalancing, the fund increased its exposure to Staples, Real Estate and Energy while reducing Financials, Healthcare and IT.

*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 +0.88% in September 2026. Global equities sold off modestly after the Federal Reserve resumed rate hikes and the ECB lifted its deposit rate, while oil prices stayed elevated amid the unresolved US–Iran conflict; AI enthusiasm supported US Large Cap technology and left market breadth narrow. Within the Systematic Fundamental book, the fund's Value inputs were the strongest, with Momentum also positive, while the Defensive inputs were the weakest (-1.9%). The short side contributed +5.1% as shorted names fell, more than offsetting a -3.6% contribution from the long side. Industrials were the leading sector contributor (+0.7%) and IT added, whereas Communication Services weighed slightly; biotechnology and movies/entertainment contributed, while medical/nursing services and electrical products were modest drags. Small Caps contributed most, ahead of mid- and Large Caps. The statistical-arbitrage sleeve contributed +0.6%, and the VIX-arbitrage sleeve also added incremental return. At the latest rebalancing the fund raised its net-long bias in healthcare and Consumer Discretionary while reducing it in Industrials and IT.

*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.