Commenti
14 Aprile 2025
Emerging Markets & European Equities in the Current Market Environment [solo in inglese]
Marketing Material - For Professional Investors Only
Emerging Markets Equities.
The recent tariff crisis created by the Trump administration is causing market turmoil but doesn’t totally change the picture for Emerging Markets (EM). In a context of historically high stock concentration and historical cheapness of EM versus developed markets (see the Market Concentration & Opportunities article published in Q1), EM equities offer a wealth of attractively valued, quality growth opportunities, which our process is well positioned to capture. The recent flow-driven market volatility, as always, tends to lead to higher dispersion of valuations and attractive relative-value opportunities across markets.
EM were negatively impacted by the tariffs announcement on April 2nd, but they went down close to in-line with developed markets, the market estimating that the potential tariff ‘tax’ on the US consumer is at least as worrying as the hit on EM exports. From the announcement of the tariffs on April 2nd, until April 8th, before Trump’s volte-face on the tariff’s pause, the MSCI EM TRN index was down 9.75% while the MSCI World TRN index corrected 11.3% (the time-window encapsulates all the negative news and the reopening of all markets temporarily on holidays, eg. Taiwan and China at the end of last week). In this volatile environment, the RAM EM fund performed 50bps above the market, and it has performed 1.3% ahead of the MSCI EM TRN index as of April 9th, month-to-date. On a year-to-date basis, the fund has performed 1.75% above the index and 37.07% (cumulative return) above the index over five years.
Past performance is not a reliable indicator of future performance. Performance data is net of fees.
The fund’s underweight position in China and Taiwan contributed positively month-to-date. It has been significantly underweight China since October last year, after briefly matching the MSCI EM index allocation to the country ahead of the stimulus (see Navigating China with an Active Stock Selection). The fund’s selection in Brazil, which was increased at the end of last year on the back of attractive value and income opportunities, was also a positive contributor. The strategies have now significantly exited their Brazilian picks, the model portfolio being now close to in-line on the country.
In recent days, the strategies have identified more attractive opportunities within the technology sector, arising from its sharp correction. IT stocks in South Korea and greater China namely saw their model weight increase, which should lead to a reduction of our underweight in these countries in the next weeks. The two most significant underweights in the fund relative to the concentrated MSCI EM index remain China and India.



European Market Neutral Equities.
European Equities were equally penalised by the tariffs, giving back their Q1 gains, despite still significantly outperforming US equities since the beginning of the year.
The high dispersion of valuations across European Equities after years of flows from active to passive and the market concentration already flagged in our Market Neutral Opportunities in Europe paper still prevail, making relative-value strategies attractive for diversification.
The RAM European Market Neutral Equity fund held very well in this environment, being up 0.22% month-to-date as of April 10th. It is now up 3.9% year-to-date, after a performance of 19% in 2024.
Past performance is not a reliable indicator of future performance. Performance data is net of fees.
The low level of short interest in European single names and the stock dispersion we are experiencing create favourable conditions for the strategy.
Since the beginning of the month, the fund had a strongly positive net selection within Industrials, Materials and Consumer Staples while being negatively impacted by its net long Healthcare exposure.
After a strong start to the year, the statistical arbitrage strategy in the book gave back some returns during the correction, partly recouped in the April 10th rebound.
The low correlation of the statistical arbitrage strategy with our systematic fundamental book has helped smooth the fund returns, the fund having a volatility below 5% over the last year.



Important Information
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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Note legali
Il presente documento è stato redatto unicamente a scopo informativo. Esso non costituisce un'offerta né una sollecitazione ad acquistare o vendere i prodotti d'investimento ivi riportati e non può essere interpretato come un servizio di consulenza per gli investimenti. Il documento non è destinato alla distribuzione, pubblicazione o utilizzo in una giurisdizione nella quale tale distribuzione, pubblicazione o utilizzo siano vietati, né è indirizzato a soggetti o entità ai quali sarebbe illegale indirizzare tale documento. In particolare, i prodotti ivi riportati non sono offerti in vendita negli Stati Uniti o nei loro territori e possedimenti, né a qualsivoglia soggetto statunitense (cittadini o residenti degli Stati Uniti d'America). Le opinioni qui espresse non tengono conto delle circostanze, degli obiettivi o delle esigenze di singoli investitori. Si raccomanda agli investitori di formarsi una propria opinione in merito ai titoli o agli strumenti finanziari menzionati nel presente documento. Prima di qualsiasi operazione, gli investitori dovrebbero verificare che la transazione proposta sia adeguata alla propria situazione personale, e analizzare gli specifici rischi ad essa associati, soprattutto quelli di natura finanziaria, legale e fiscale, rivolgendosi se del caso a un consulente professionale. Le informazioni e le analisi contenute nel presente documento sono basate su fonti ritenute attendibili. Tuttavia, RAM AI Group non rilascia alcuna garanzia che tali informazioni e analisi siano aggiornate, accurate o esaustive, né si assume alcuna responsabilità per eventuali danni o perdite che potrebbero derivare dal loro uso. Tutte le informazioni e le valutazioni possono variare senza preavviso. Si raccomanda agli investitori di decidere se investire o meno nelle quote dei fondi sulla base delle ultime relazioni o dei più recenti prospetti informativi. che contengono ulteriori informazioni sui prodotti in questione. Il valore delle quote e il reddito da esse derivante possono sia aumentare che diminuire e non sono in alcun modo garantiti. Il prezzo dei prodotti finanziari menzionati nel presente documento potrebbe essere soggetto a fluttuazioni e ad ampie e brusche flessioni, ed è persino possibile che un investitore perda l'intero importo investito. RAM AI Group fornirà su richiesta agli investitori informazioni più dettagliate sui rischi associati a specifici investimenti. Le variazioni dei tassi di cambio possono altresì provocare un aumento o una diminuzione del valore di un investimento. I rendimenti passati, siano essi reali o simulati, non costituiscono necessariamente un indicatore affidabile dei risultati futuri. Il prospetto informativo, il documento contenente le informazioni chiave per gli investitori (KIID ), lo statuto e le relazioni finanziarie sono disponibili gratuitamente presso la sede centrale della SICAV, il suo rappresentante e distributore in Svizzera, RAM Active Investments S.A., Ginevra, e il rappresentante dei fondi nel paese di registrazione degli stessi. Il presente documento commerciale non è stato approvato par nessuna autorità finanziaria et ce documento è riservato e destinato all'uso esclusivo da parte del destinatario; ne sono vietate la riproduzione e la distribuzione totale o parziale. Rilasciato in Svizzera dalla RAM Active Investments S.A. è autorizzata e regolamentata in Svizzera dall’Autorità federale di vigilanza sui mercati finanziari (FINMA). Rilasciato nell'Unione Europea e nel SEE dalla Società di gestione autorizzata e regolamentata, Mediobanca Management Company SA, 2 Boulevard de la Foire 1528 Lussemburgo, Granducato di Lussemburgo. La fonte delle suddette informazioni (salvo diversa indicazione) è RAM Active Investments SA e la data di riferimento è la data del presente documento, fine del mese precedente.