For Existing Institutional Investors for Information Only


 

Dear investors and fellow tech enthusiasts,
 

At RAM AI, we firmly believe that disruptive technologies and innovation ultimately have the power to improve our lives. But generally, there is no free lunch – for example, it is known, that gains in convenience often come with a loss of privacy. Therefore, quantifying the net impact of a concrete innovation on an entire ecosystem is a complex and very interesting problem to solve.

Shkilko & Solokov’s paper 'Every Cloud Has a Silver Lining: Fast Trading, Microwave Connectivity and Trading Costs' is a clear example of this. It measures the competitive advantage of microwaves, a superior information technology (a 2 millisecond speed advantage) for financial market participants. Interestingly, the deployment of this technology increased trading costs and did not generate higher gains from trading in the mid to long-term. This sounds counter-intuitive, but such empirical evidence is not a surprise. In fact, it supports a vast amount of academic theory which proves that faster is not always better!
 

This is just one example that shows the premature adoption of the latest technology and IT infrastructure represents as much risk as opportunity. At RAM AI, we do NOT chase every trend, but we do have a very rigorous process to test the expected net benefit of deploying new data and technology to our investment processes. We aim to increase efficiency and consistency, but strictly without sacrificing resilience against exogenous shocks. 

Love, Thomas


Thomas Schafbauer

tsc@ram-ai.com

+41 79 238 21 34
 


Investment Insight
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Is GPT-4 the Cure for Stagflation?

Topics: AI & Inflation, Opportunities & Risk of AI, Evolution of AI in Investment


The market's volatility in recent months has been primarily driven by monetary policy, which is closely tied to inflation. Recent advancements in artificial intelligence (AI), such as the release of the Large Language Model (LLM) GPT-4, have the potential to significantly influence inflation dynamics in the short to medium-term. In fact, GPT-4 represents an important step forward in AI capabilities across many sectors as well as potential risks that require long-term thinking.
 

 
Read Investment Insight


 

Emmanuel Hauptmann
CIO, Partner & Head of Systematic Equities


 


Research Paper of the Month
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The Incoming Challenge in Metals and Mining Sectors and its Impact on Emerging Markets
 

Topics: Industrials, Metals & Mining, Emerging Markets, Climate
 

The shift towards low carbon energy is a key part of addressing the climate challenge. However, this transition depends on metals and mining, as renewable energy technology and electric engines require more materials than traditional energy sources. In this short article, we analyse the impact of adding metals commodities to an emerging markets stocks portfolio.

 

Read Full Article
 


Greetings from the Frontier
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On the Rights of the Future

Topics: Climate Change & Related Policies
 

Examinations on the future of humanity have kept societies intellectually occupied for millennia. Now, with the imminent threat of the climate crisis, this question moves into focus once again — and begs the question on whether or not global systems are ready for what’s yet to come.
 

 
Read Full Article
 


May - Travel Dates
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Thomas Schafbauer - Germany & Austria
12th May - Barcelona
15th & 16th May - Vienna
25th May - Frankfurt
26th May - Paris
tsc@ram-ai.com

Nicolas Schild - Switzerland & UK
12th May - Geneva
15th - 19th May - London
22nd - 23rd May - Zurich
24th - 31st May - Geneva
nsc@ram-ai.com

Cyrille Joye - France & Switzerland
18th & 25th May - Paris
cjo@ram-ai.com

Eleonora Biella - Italy & Lugano
17th, 18th & 19th May - Milan & Bologna
22nd & 23rd May - Roma
29th & 30th May - Milan
ebi@ram-ai.com
 


 

RAM (Lux) Systematic Funds Factsheet
 European Equities (Ip EUR) Click Here
 Emerging Markets Equities (Ip USD) Click Here
 Global Sustainable Income Equities (Ip USD) Click Here
 Stable Climate Global Equities (PI USD) Click Here
 Long/Short European Equities (I EUR) Click Here
 Long/Short Global Equities (PI USD) Click Here
 Global Multi-Asset (IP EUR) Click Here
RAM (Lux) Tactical Funds Factsheet
 Global Bond Total Return (B USD) Click Here
 Asia Bond Total Return (PI USD) Click Here


as of 28th April 2023


 
Read Monthly Commentaries from Our Investment Teams 

 


*On 17th November, 2020, the benchmark changed from MSCI North America TRN$ Index to MSCI USA TRN$ Index. This change is reflected in the benchmark data above.

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This communication has been drawn up for information purposes only. It is neither an offer nor an invitation to buy or sell the investment products mentioned herein and may not be interpreted as an investment advisory service. It is not intended to be distributed, published or used in a jurisdiction where such distribution, publication or use is prohibited, and is not intended for any person or entity to whom or to which it would be illegal to address such a communication. In particular, the products mentioned herein are not offered for sale in the United States or its territories and possessions, nor to any US person (citizens or residents of the United States of America). The opinions expressed herein do not take into account each customer’s individual situation, objectives or needs. Customers should form their own opinion about any security or financial product mentioned in this communication. Prior to any transaction, customers should check whether it is suited to their personal situation and analyse the specific risks incurred, especially financial, legal and tax risks, and consult professional advisers if necessary. The information and analyses contained in this communication are based on sources deemed to be reliable. However, RAM AI Group cannot guarantee that said information and analyses are up-to-date, accurate or exhaustive, and accepts no liability for any loss or damage that may result from their use. All information and assessments are subject to change without notice. Investors are advised to base their decision whether or not to invest in fund shares on the most recent financial reports, PRIIPs KID and prospectus which contain further information on the products concerned. The value of shares and income thereon may rise or fall and is in no way guaranteed. The price of the financial products mentioned in this communication may fluctuate and drop both suddenly and sharply, and it is even possible that all money invested may be lost. Changes in exchange rates may cause the NAV per share in the investor's base currency to fluctuate. If requested, RAM AI Group will provide customers with more detailed information on the risks attached to specific investments. Exchange rate variations may also cause the value of an investment to rise or fall. Whether real or simulated, past performance is not necessarily a reliable guide to future performance. -The prospectus, articles of association, financial reports (in French and English) and PRIIPs KID (in the relevant local language) are available free of charge from the SICAV’s and Management Company’s registered offices, from its representative and distributor in Switzerland, RAM Active Investments S.A., Geneva, and the relevant SICAV’s representative in the country in which the SICAVs are registered. This marketing communication has not been approved by any financial Authority, it is confidential and addressed solely to its intended recipient; its partial or total reproduction and distribution are prohibited. The summary with investors' rights is available at: https://www.ram-ai.com/en/regulatory-information Issued in Switzerland by RAM Active Investments S.A. which is authorised and regulated in Switzerland by the Swiss Financial Market Supervisory Authority (FINMA). Issued in the European Union and the EEA by the Management Company RAM Active Investments (Europe) S.A., 51 av. John F. Kennedy L-1855 Luxembourg, Grand Duchy of Luxembourg. The reference to RAM AI Group includes both entities, RAM Active Investments S.A. and RAM Active Investments (Europe) S.A.We encourage you to read our data protection notice which is available here or on ram-ai.com website.


 

investor.relations@ram-ai.com

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