Systematic Equities Monthly Comments - February 2026

RAM Emerging Markets Equities

The RAM (Lux) Systematic Funds - Emerging Markets fund (hereinafter ‘the Fund’) (Class-IP USD net of fee*) gained +4.04% in February versus +5.5% for the MSCI EM TRN index, bringing year-to-date performance to +12.7%.

On the positive side, the GARP Momentum strategy remained the strongest contributor. Stock selection was strong across several markets. The strategy navigated China and Hong Kong particularly well, with Communication Services longs in China and Consumer Discretionary picks in Hong Kong contributing strongly to relative performance, successfully avoiding individual names that came under heavy pressure. Financial picks in Thailand added a further positive contribution.

The relative lag was driven by two factors. First, the continued dominance of AI hardware mega caps — Taiwan Semiconductor, Samsung Electronics and SK Hynix — to which the fund has an underweight given its diversified exposure. Second, the low-risk selection detracted during the month, in contrast to developed markets where defensive factors have been rewarded lately.

The fund is currently overweight consumer sectors, Consumer Staples being the largest overweight.

Geographically, Thailand remains the largest overweight. India and Taiwan picks saw their allocation slightly increased at the end of the month, reducing both countries' underweights.

*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.

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RAM European Market Neutral Equity

The RAM (Lux) Systematic Funds –European Market Neutral Equity fund (Class-I EUR net of fee*) delivered a positive month in February, returning +1.8% and bringing year-to-date performance to +1.9%.

The portfolio benefitted from a broader market rotation into defensives, with low-risk longs emerging as top contributors over the period. Consumer Staples longs performed well, driving meaningful alpha on the long side, while Consumer Discretionary shorts — particularly in retail and internet names — added further gains.

Industrials continued to contribute positively through effective stock selection.

Most sectors saw positive net selection effects. The largest drag on performance came from IT, where long positions faced disruption-driven headwinds, and short exposure to expensive semiconductor/hardware names detracted heavily, the valuation dispersion widening in the sector.

Our statistical arbitrage strategy detracted during the month, though it served its purpose as a diversifier within the overall portfolio, dampening risk concentration across the book. After the recent drawdown, we would expect to see a reversal and recovery of the strategy in the upcoming months.

*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.

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RAM European Equities

Following January, European Equities yielded a robust and steady performance in February, the market shifting to Value and Low Volatility names. The RAM (Lux) Systematic Funds – European Equities fund (Class I EUR net of fee*) returned 4.56% against 4.05% for its benchmark, the MSCI Europe Net Total Return Index, led by a solid performance of its Machine Learning and Defensive books, while its Momentum and Value books ended the month in line with the benchmark.

Financials, Health Care and Energy notably contributed, thanks to a sharp selection in names like Nordex SE or AstraZeneca PLC or Novartis AG. The fund's underweight in Financials also further improved the sector's contribution to the relative performance.

Our selection across Germany, Denmark and the Netherlands significantly overperformed, while the UK, Italy and Switzerland lagged. Our overweight in Denmark partially offset the country's relative contribution.

The selection in the Large and Mid-cap segments overperformed, while our Small-cap picks lagged. Our overweight in the latter partially offset our selection's underperformance, while our Mid-cap overweight detracted.

*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.

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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 2.48% in February, outperforming the global equity market, which returned 0.73% over the period.

The rotation out of US Mega Cap Technology into international markets gathered further pace, with the STOXX Europe 600 hitting fresh all-time highs while the S&P 500 ended the month slightly in the red. Scepticism around the AI trade continued to mount, with the Magnificent 7 remaining roughly 9% below their late-October peak.

Low-volatility names staged a notable rebound and dividend yield strategies extended their gains for a second consecutive month, while high-liquidity and growth names reversed — a meaningful shift from the trends that had dominated recent months.

The fund benefitted from strong stock selection across Communication Services, Financials, and Consumer Staples. Industrials and Utilities were less additive, with Utilities selection impacted in particular by our allocation to taxonomy-aligned companies. Within IT, package software detracted as the AI-disruption theme weighed on the industry.

Geographically, the US book was the primary positive contributor following a difficult start to the year, with Europe also adding value. Alpha generation was strongest in the large-cap segment of the market. In its latest rebalancing, the strategy increased its exposure to Industrials and IT, while reducing allocations to Consumer Staples.

*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.

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RAM Global Equity Income

The RAM (Lux) Systematic Funds - Global Equity Income Fund (hereinafter the ‘Fund’) (Class-IP USD net of fee*) gained 1.05% in February, underperforming its benchmark, the MSCI World High Dividend Yield Index, which rose 5.25%. The MSCI World Index returned 0.73% over the period.

The rotation out of US Mega Cap Technology into international markets gathered further pace, with the STOXX Europe 600 hitting fresh all-time highs while the S&P 500 ended slightly in the red. Scepticism around the AI trade continued to mount, with the Magnificent 7 remaining roughly 9% below their late-October peak.

Dividend yield extended its gains for a second consecutive month, and low-volatility names rebounded strongly — both tailwinds for the benchmark. The share buyback factor was neutral, contributing negatively to relative performance. The primary driver of underperformance was an overweight in software stocks, hurt by the AI-disruption theme and largely absent from the benchmark, as these companies typically return capital through buybacks rather than dividends.

Geographically, the US was the main source of underperformance, as already observed in January, with Europe also lagging — particularly the UK. Selection was negative across all market cap segments. In its latest rebalancing, the strategy reduced its exposure to Financials and Consumer Staples, while increasing allocations to IT, 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.

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RAM Global Market Neutral Equity

The RAM (Lux) Systematic Funds - Global Market Neutral Equity Fund (Class-PI USD net of fee*) returned +0.3% in a month marked by wide regional and sectoral dispersion; notably, IT is now the worst-performing sector YTD within MSCI World, yet the best within MSCI Emerging Markets.

The rotation out of US Mega Cap Tech into international markets gathered further pace: the STOXX Europe 600 hit fresh all-time highs, closing its eighth consecutive month of gains, and Emerging Markets maintained strong YTD outperformance, while the S&P 500 ended February slightly in the red.

Nvidia's Q4 results delivered a positive earnings surprise, but not on the scale markets grew accustomed to in 2023–24, amid mounting scepticism around the AI trade. The Magnificent 7 remain ca. 9% below their late-October peak.

Value inputs contributed positively, alongside Momentum, though to a lesser extent than in prior months. Within the systematic fundamental book, the long side drove performance, capturing strength among cheap Energy names, particularly oil E&Ps. Net long biases in Consumer Discretionary and Financials also helped, while the net long in IT detracted as security software solutions continued to suffer from the AI disruption theme.

The statistical arbitrage book posted negative returns in February, primarily in IT where gross exposure is highest, as collaborative work software providers corrected sharply following the launch of Claude Cowork. The VIX arbitrage strategy ended flat.

The Fund remains net long IT and Health Care, initiated a net long in Communication Services, and stays net short Consumer Staples and Industrials.

*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.