Systematic Equities Monthly Comments - January 2026
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RAM Emerging Markets Equities
Emerging Markets extended their rally in January, with South Korean equities leading the advance—up 28% in the month after already doubling in 2025.
The MSCI Emerging Markets Index significantly outperformed developed markets, gaining 8.8% over the period. The RAM (Lux) Systematic Funds - Emerging Markets fund (hereinafter ‘the Fund’) (Class-IP USD net of fee*) rose 8.3%, delivering near-index returns with materially lower volatility.
The fund's quality and value discipline results in an underweight to the richly valued and highly concentrated IT sector, which remains dominated by AI-related names. This positioning in South Korean and Taiwanese technology stocks detracted from relative performance in January, though this was offset by the positive contribution from our underweight in India.
Growth Momentum exposures were the strongest contributors over the month, supported by effective stock selection in the Consumer Discretionary and Energy sectors.
The fund maintains an overweight to quality names in Consumer Staples and Healthcare, providing a defensive anchor that reduces portfolio risk in the event of heightened market volatility.
*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
January was marked by a renewed risk-on environment in global equities, with high-beta, lower-quality stocks outperforming significantly.
Momentum led the market in Europe, extending last year's strong rally in trending names. The RAM (Lux) Systematic Funds –European Market Neutral Equity fund (Class-I EUR net of fee*) ended the month up 0.1%, as gains from our long Momentum positions—particularly in Mining—were offset by underperformance in quality longs and a negative contribution from our mean-reversion strategy.
The largest detractors were short positions in the semiconductor industry, where stretched valuations continued to extend. The short book was also impacted by positions in overvalued suppliers to the defence sector.
Names with elevated short interest outperformed the broader market considerably, reflecting widespread short covering activity.
The current price action in certain high-valuation names appears unsustainable. We anticipate reversals in the months ahead, which would benefit both our mean-reversion and quality strategies.
*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.
RAM European Equities
European equities rallied in January, with the most significant gains occurring during the first half of the month. The RAM (Lux) Systematic Funds – European Equities fund (Class I EUR net of fee*) outperformed its benchmark, the MSCI Europe Net Total Return Index, returning 4.04% compared to the index's 3.11%. This result was driven by steady gains within both the Momentum and Machine Learning books.
Performance was bolstered by effective stock selection in the UK, Germany, the Netherlands, and Sweden. Additionally, the fund’s overweight positions in the UK and Germany—its two largest allocations—contributed positively to relative returns.
The primary sector contributors were Industrials, Healthcare, and Consumer Discretionary. Specific holdings, such as Siemens Energy AG and Nordex SE, delivered notable results. Relative performance was further enhanced by overweight exposures to Industrials, Healthcare, Communication Services, and Energy.
The fund’s selection within the Large and Mid-cap segments was a significant driver of returns. From an allocation perspective, an underweight position in Large-cap stocks and an overweight in Small-cap stocks both provided positive relative contributions.
*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.
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 0.48% in January. Global markets, as measured by the MSCI World Index, rose 2.24%, as a strong risk-on environment propelled developed equity indices to record highs across regions. In this market environment, liquidity and momentum factors accelerated following a strong year-end rally, while dividend yield also performed well. Low-volatility and quality stocks underperformed, a continuation of trends seen in recent months.
The strategy faced headwinds from negative stock selection in Industrial Machinery and Multi-Line Insurance. Consumer Staples, particularly household products companies, contributed positively to performance.
From a regional perspective, the US book was the main detractor, followed by Europe, with positions in the Netherlands and UK weighing on results. These losses were partially offset by strong stock picks in Germany and France.
The fund's large-cap allocation detracted from performance, while the Mid-cap exposure remained broadly neutral. In its latest rebalancing, the strategy significantly decreased its exposure to Utilities and reallocated capital to Communication Services and 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.
RAM Global Equity Income
The RAM (Lux) Systematic Funds - Global Equity Income Fund (hereinafter the ‘Fund’) (Class-IP USD net of fee*) gained 2.09% in January, underperforming its benchmark, the MSCI World High Dividend Yield Index, which rose 5.26%.
Global markets rallied in a strong risk-on environment, with developed equity indices reaching record highs across regions and the MSCI World Index posting a 2.24% gain.
The market environment saw a notable dispersion in factor performance. Liquidity and Momentum factors surged, extending year-end strength, while the Dividend Yield factor performed exceptionally well. In contrast, the Shareholder Yield factor performed poorly, explaining a substantial portion of the fund's underperformance versus the benchmark.
Low-volatility and quality stocks underperformed, a continuation of trends seen in recent months. Regionally, the United States was the primary source of underperformance, while Europe contributed positively, particularly the UK, the Netherlands, and France.
Stock selection in IT and Communication Services detracted most from performance, as did the fund's overweight in Financials and underweight in Energy.
The fund's mid and small-cap allocation also detracted, partially offset by positive selection effects. In its latest rebalancing, the fund has increased its exposure to IT and Consumer sectors while reducing its allocation to Healthcare.
*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) Systematic Funds - Global Market Neutral Equity Fund (Class-PI USD net of fee*) returned -1.64% in January, against a backdrop of a strong risk-on environment, with developed equity indices reaching record highs across regions as market participants shrugged off geopolitical noise and rotated sharply out of Mega-cap Tech into Small caps, cyclicals, and financials.
Within the fundamental book, momentum and liquidity inputs contributed positively, while quality and defensive exposures detracted on both sides. The net long IT bias weighed on performance as the sector lagged amid the style rotation. Short Semiconductor positions detracted as the subsector remained a standout performer, supported by strong earnings and continued AI infrastructure enthusiasm. Conversely, cheaper long Software picks suffered as the subsector underperformed sharply, pressured by competitive dynamics, softening earnings expectations, and mounting concerns around AI-driven disruption to traditional software business models.
The long Materials positions captured the continued strength in precious metals, with mining names among the top contributors.
The statistical arbitrage engine detracted, as persistent directional trends with limited mean reversion offered few opportunities. Long IT positions, notably in software services, suffered as the sector's pullback - initiated in late 2025 - accelerated through January.
The VIX arbitrage strategy contributed modestly, continuing to harvest roll yield from the contango in the VIX futures term structure.
The Fund maintains a net long exposure to IT and Healthcare, and a net short position in 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.
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The sub-funds mentioned above are Sub-Funds of RAM (Lux) Systematic Funds, a Luxembourg SICAV with registered office: 14, Boulevard Royal L-2449 Luxembourg, approved by the CSSF and constituting a UCITS (Directive 2009/65/EC). Mediobanca Management Company S.A. 2 Boulevard de la Foire 1528, Luxembourg, Grand Duchy of Luxembourg is the Management Company.
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