Systematic Equities Monthly Comments - October 2026

RAM Emerging Markets Equities

The RAM (Lux) Emerging Markets Equities Fund (Class-IP USD net of fees*) declined 4.22% in October 2026, outperforming its benchmark, the MSCI Emerging Markets Index, which fell 8.05%. Emerging markets suffered a sharp, broad-based sell-off as disappointing tech earnings and renewed doubts over returns on AI spending drove a semiconductor rout that hit Korea (-15.6%) hardest, while Middle East tensions lifted Brent crude and weighed on Energy importers such as India.

Among the fund's own style engines, Defensive (+0.2%) led while Value (-7.4%) lagged. The fund's diversification paid off, as underweight positions in SK hynix and Samsung, heavyweights in the benchmark, made Korea the largest contributor to the fund's return (+1.1%). The same positions made semiconductors, alongside IT services, the main source of IT's +1.6% contribution. Thailand and Industrials also contributed, while major banks were a slight drag. All size segments contributed, led by Large Caps (+2.1%).

In its latest rebalancing, the fund increased its exposure to IT, Real Estate and Staples while reducing Financials, Consumer Discretionary and Energy.

*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*) delivered an absolute net return of -1.5% in October 2026. European equities advanced on a robust third-quarter earnings season and stronger-than-expected euro-area growth, while the ECB held rates as the Energy shock kept inflation elevated; a month-end AI-led tech sell-off trimmed the gains.

On a long/short basis, the fund's Machine Learning (+4.4%) and Defensive (+3.6%) engines were the strongest and Momentum the weakest (-4.1%). In the Systematic Fundamental book, the long side contributed modestly while the short side contributed -3.0% as shorted names rose with the rally. Denmark and the Netherlands contributed, the former helped by a long position in Genmab, while Germany and Italy detracted, the latter partly through a long position in Technoprobe. Healthcare contributed +1.1%, led by major pharma, and Energy also contributed, while Industrials detracted, chiefly through commercial services, and Consumer Discretionary also weighed; semiconductors were a slight drag. Mid Caps were the main drag, with Small and Large Caps slightly negative. The Statistical Arbitrage sleeve contributed +0.2%.

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

*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 3.03% in October 2026, outperforming its benchmark, the MSCI Europe Index, which rose 2.15%. European equities advanced on a robust third-quarter earnings season and stronger-than-expected euro-area growth, while the energy shock kept inflation elevated and a month-end AI-led tech sell-off trimmed the gains.

Among the fund's own style engines, the Machine Learning (+4.7%) and Defensive (+4.3%) engines led while the Momentum engine (-1.2%) lagged. The Netherlands contributed +0.9%, led by semiconductor-equipment maker ASML, which contributed +0.5% relative to the benchmark, and Sweden also contributed positively, while Germany and the UK were the main drags. Financials were the strongest sector, contributing +1.7%, and electrical products contributed modestly, while integrated oil, engineering & construction and Staples were slight drags. Large Caps contributed positively while Small/Mid Caps detracted.

In its latest rebalancing, the fund increased its exposure to Staples, Consumer Discretionary and Industrials and reduced Healthcare, Utilities and Materials.

*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 7.78% in October 2026; over the same period the global equity market fell 0.77%. An AI sell-off, triggered by disappointing results and capital spending worries at Intel, Amazon and Alphabet, weighed on Technology stocks, while an escalating Middle East conflict lifted Brent crude by 13.6% and central banks held rates with a hawkish tilt.

Factor dispersion was extreme, with High Dividend and Low Volatility leading while Momentum and Quality lagged. Relative to the global equity market, the US contributed +6.4%, with no country detracting materially. Industrials contributed +2.3%, driven by commercial services, and IT contributed +2.1%, led by internet software and services. Large Caps accounted for most of the result, Mid Caps contributed modestly and Small Caps were broadly neutral.

In its latest rebalancing, the fund increased its exposure to Real Estate, IT and Utilities while reducing Industrials, Staples and Consumer Discretionary.

*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 (Class-IP USD net of fees*) gained 6.63% in October 2026, underperforming its benchmark, the MSCI World High Dividend Yield, which rose 8.18%. The MSCI World Index slipped 0.77% as an AI sell-off, sparked by capital spending worries at Intel, Amazon and Alphabet, hit Technology, while an escalating Middle East conflict lifted Brent crude by 13.6% and supported energy stocks.

Factor dispersion was extreme, with High Dividend and Low Volatility leading while Momentum and Quality lagged. Switzerland and the UK were the main drags, while Singapore and the US contributed modestly. Energy was the largest sector detractor (-0.9%), followed by Consumer Discretionary, where auto parts weighed. Healthcare contributed +0.6%, driven by pharmaceuticals, with Pacira Biosciences contributing +0.7% relative to the benchmark, while IT also contributed. Mid Caps were the heaviest drag by size, while Small and Large Caps also detracted.

In its latest rebalancing, the fund increased its exposure to Financials, Energy and Real Estate while reducing Healthcare, Staples 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*) returned +2.53% in October (+5.04% year to date), while the MSCI World lost 0.77%. October turned against the AI trade. Doubts over the return on AI spending came to a head with third-quarter results, giving the Nasdaq its worst month since March 2025, and Korean chip stocks slumped at month-end. Tanker attacks in the Strait of Hormuz lifted oil, investors moved into Energy and defensives, and factor dispersion was the widest in at least 25 years: High Dividend stocks beat Momentum by 16.5 points.

The Systematic Fundamental book contributed +2.80% before fees, with both longs and shorts adding. Value inputs did best, mostly on the short side. Momentum inputs also helped despite the Momentum factor's slump, mainly through shorts with negative earnings momentum, and so did Defensive inputs. Healthcare was the top sector, led by biotechnology and pharmaceutical longs, one of which surged on positive late-stage trial results, while shorts in richly valued technology, AI-infrastructure and mining names fell sharply. The main detractors were long positions in Korean memory-chip and shipbuilding names, IT longs caught in the sell-off, and two biotechnology shorts whose shares rose on a takeover bid and positive trial data. The statistical arbitrage strategy added +0.35%, and the VIX arbitrage strategy lost 0.06% as volatility spiked on the last trading day.

The Fund remains net long Healthcare and Consumer Discretionary, has gone net long Communication Services and cut its IT long, and is net short Financials and Materials.

*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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