RAM European Market Neutral Equity

Investment rationale

This fund is designed to seek medium- to long-term capital growth while aiming to neutralise directional exposure to European equity markets through hedging strategies. It is a European equity market neutral strategy with a PRIIPs synthetic risk indicator of 3 out of 7 and a recommended holding period of 3 years. It is intended for investors with a medium-term horizon, at least basic knowledge of financial instruments, and the ability to bear potential losses. Its distinct role is as a specialist equity long/short and hedged allocation rather than a broad long-only equity exposure, making it more of a satellite allocation within a portfolio.

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How the strategy works

The objective is medium- to long-term capital appreciation. The sub-fund invests at least 75% in shares of companies established in EU Member States, the United Kingdom, Switzerland and Norway, and may invest up to 40% of total exposure, directly or via derivatives, in equity volatility indices for hedging or opportunistic purposes. The long equity exposure can vary from 75% to 175%, while short exposure can vary from 0% to 175%; the fund may also invest up to 10% of net assets in UCITS or other UCIs and may hold ancillary cash. The portfolio is actively managed on a discretionary basis without using a benchmark, uses derivatives for hedging or exposure optimisation, and the share class is accumulating with dividends reinvested; the recommended holding period is 3 years.

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Investment philosophy

• The investment universe is European equities: the fund invests a minimum of 75% in shares of companies established in EU Member States, the UK, Switzerland and Norway, and can also allocate up to 10% of net assets to UCITS or other UCIs.

• The process seeks medium-/long-term capital growth while neutralising directional European equity market risk through hedging strategies; the portfolio is actively and discretionarily managed without a benchmark.

• Derivatives are used for hedging and exposure optimisation, and the fund may invest up to 40% of total exposure in equity volatility indices for hedging or opportunistic purposes; long equity exposure can range from 75% to 175% and short exposure from 0% to 175%.

• As of 31.08.2026, the portfolio held 958 positions and showed long stocks at 148.1% of NAV, short stocks at -98.8%, short indices at -27.4%, gross exposure of 274.3% and net exposure of 21.9%.

• At 31 August 2026, positioning included top long holdings such as Ipsen SA (Health Care, France, 1.98% NAV), Evonik Industries AG (Materials, Germany, 1.86%), Heineken NV (Consumer Staples, Netherlands, 1.83%), FinTech Group AG (Financials, Germany, 1.81%) and Henkel AG & Co. KGaA Pref (Consumer Staples, Germany, 1.70%); currency exposure is mainly euro 86.51%, followed by Norwegian krone 6.18% and Danish krone 3.21%.

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Distinctive features

The fund is distinguished by a market neutral European equity approach that explicitly seeks to neutralise directional equity market exposure through hedging rather than simply holding long-only stocks. Its structure combines broad stock selection across Europe with both long and short books, plus the ability to use equity volatility indices up to 40% of exposure for hedging or opportunistic positioning. At 31 August 2026, the portfolio held 958 positions. The fund offers daily dealing within a Luxembourg UCITS V SICAV structure. The share class has no minimum investment amount, distributes no income because dividends are reinvested, and allows free conversion between shareholdings.

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Risks

The PRIIPs synthetic risk indicator is 3 out of 7, described as between low and medium risk, with a recommended holding period of 3 years. The fund is exposed to market risk and there is no capital protection, so investors could lose all or part of their investment. Derivative instruments are used and create leverage risk, meaning the portfolio is more exposed to equity market risks than it would be without them; leverage intensifies the risk of increased losses or returns. Currency risk arises because investors may receive payments in a currency different from their reference currency, and the portfolio also has non-euro currency exposures including Norwegian krone, Danish krone, US dollar, Swedish krona, Swiss franc and pound sterling; significant risk from derivatives and leverage is not fully captured by the synthetic risk indicator.

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Asset manager

The management company is Mediobanca Management Company S.A., based at 2, Boulevard de la Foire, L-1528 Luxembourg. The investment manager and fund manager is RAM Active Investments S.A., located at Rue du Rhône 8, CH-1204 Geneva, Switzerland. The fund itself is a Luxembourg-domiciled SICAV structured as a UCITS V, with Banque de Luxembourg as custodian.

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