RAM - Monthly Newsletter

Dear investors and friends of the RAM AI family,

As a child, I went to a Catholic kindergarten and elementary school where the Benedictine monks lived by the principles of 'ora et labora' (pray and work). They dedicated their lives to the cause at hand; their purpose – educating ill-mannered teenagers – would always supersede their personal needs and well-being.

However, the global pandemic has accelerated a megatrend: 'New Work.' Societies all over the world have acknowledged that mental well-being and work-life balance are essential – and usually have to work in combination to yield the best result. Some scientists even claim that economic output and happiness can be maximised with a more flexible and technology-enhanced approach to work. Some global tech corporations have already adopted 'New Work' and actively empower their employees to work on their terms. Sadly, and for obvious reasons, some vocations – soldiers or doctors, for example - cannot easily implement a more liberal approach to their day-to-day work.

March 20th is World Happiness Day. Therefore, I dedicate this month’s newsletter to those making important sacrifices and devoting their lives to public service, saving lives, making the planet a better place or simply to the greater good. At RAM AI, we don't save lives, but we ensure that you can retire peacefully and can be happy and financially independent. Therefore, I'd like to also thank all my co-workers for their often invisible but essential contribution and all the positivity they bring to the workplace daily. MERCI!

Our personal box of happiness is our team email inbox - clienthappiness@ram-ai.com. We mean it and live by it, not just on March 20th! Please reach out to us any time; we love to hear from you with feedback or any challenges you might face!

Love, Thomas

Thomas Schafbauer
Chieftain of the Client Happiness Team

tsc@ram-ai.com

+41 79 238 21 34

Article of the Month
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Geothermal - Silver Bullet of Clean Energy?
Source: Greetings from the Frontier

In the search for clean energy to power our lives, an overlooked candidate stands right beneath our feet, geothermal energy. Countries with the most geothermal energy generation are the USA, Indonesia, Philippines and Iceland. How could other places, that do not have the geographical advantage and have to dig deeper into the ground and their wallets, scale geothermal power?

Read Full Article

Client Question of the Month
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How is our RAM Stable Climate Global Equities strategy built to promote the Net Zero initiative?
Source: RAM Active Investments

Our ‘Stable Climate Global Equities’ strategy, categorised as Article 9 in respect of SFDR classifications, seeks investments in the companies that are internationally most optimally positioned within their sector to limit global warming. The portfolio's sustainable objective is to contribute to climate change mitigation and adaptation.

The strategy seeks investments in companies with emission reduction targets (including SBTI, the Net Zero Initiative and public decarbonisation commitments) and relatively low greenhouse gas (GHG) emission intensities in their sector. The strategy also seeks investments in companies active in sectors that promote climate change mitigation or adaptation through an EU Taxonomy-aligned portfolio. Exclusions apply to companies involved in environmentally damaging businesses like controversial weapons or human rights violations.

The strategy aims to achieve a portfolio GHG emissions intensity (scope 1, 2, and 3*) at least one-third lower than that of a global market capitalisation-weighted portfolio of developed equities.

Source: RAM AI, data as of 28/02/2023
*Scope 1 emissions are direct emissions from sources owned/controlled by the company. Scope 2 emissions are indirect emissions that result from the energy purchased by a company, but other entities own the source. Scope 3 emissions are all indirect emissions (not included in Scope 2) that the company cannot control (often a large portion of a company’s carbon footprint).
**Entreprise Value Including Cash

Paper of the Month
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Are Transformers Effective for Time Series Forecasting?
Source: Cornell University

This research paper challenges the application of Transformers to the analysis of time series data. A Transformer is a deep learning model that uses a self-attention mechanism to model the relationships between elements of a data sequence. In text data, this mechanism enables the capturing of semantic correlations, thereby leading to the remarkable success of Transformers in Natural Language Processing.

Time series forecasting is an essential machine learning task used in investments that uses current and historical data to make predictions and inform strategic decisions. In numerical time series, however, there is a lack of semantics, and for predictive analysis, the core interest is the temporal pattern. Therefore, this paper demonstrates that complex predictive models based on Transformers do not always lead to performance improvements on time series data.

This paper’s method coincides with RAM AI's approach to testing the impact of a progressive increase in the model’s complexity so as to avoid unexpected performance degeneration.

Read Full Paper

Q1 - Travel Dates
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Thomas Schafbauer - Germany & Austria
17th & 27th March - London
28th & 30th March - Frankfurt
29th March - Mannheim
31st March - Paris
tsc@ram-ai.com

Nicolas Schild - Switzerland & UK
10th March - Oslo
13th - 14th March - Geneva
15th - 21st March - London
22nd - 23rd March - Zurich
24th - 31st March - Geneva
nsc@ram-ai.com

Cyrille Joye - France & Geneva
23rd & 30th March - Paris
6th & 27th April - Paris
cjo@ram-ai.com

Eleonora Biella - Italy & Lugano
10th March - Dublin
13th & 14th March - Milan
27th & 28th March - Milan
ebi@ram-ai.com

Yannick Wittrock - Benelux & Nordics
10th March - Oslo
22nd March - Helsinki
23rd March - Stockholm
17th April - Amsterdam
18th April - Antwerp
20th & 21st April - Brussels
ywi@ram-ai.com

Read the Monthly Commentaries from Our Investment Teams

Past performance is not a reliable indicator of future returns.

	RAM (Lux) Systematic Funds	Net Performance (%)
	As of end February 2023	MTD	YTD	1Y	3Y	5Y	ESG Integration


European Equities MSCI Europe TR Net	Ip EUR	+3.15 +1.77	+7.74 +8.69	-3.43 +4.78	+24.79 +31.67	+20.48 +37.34	Art.8

Emerging Markets Equities MSCI EM TR Net $	Ip USD	-4.12 -6.48	+2.65 +0.90	-6.13 -15.28	+29.86 +2.94	+9.82 -8.99	Art.8

Global Sustainable Income Eq MSCI World Hdy TR Net $	Ip USD	-1.75 -3.30	+3.13 -0.62	-4.88 -3.38	+27.53 +24.06	+13.51 +26.62	Art.8

Stable Climate Global Equities	PI USD	-2.60	+1.87	-4.29			Art.9

Long/Short European Equities	I EUR	+3.55	-1.02	-0.50	+6.03	-1.16	Art.8

Long/Short Global Equities	PI USD	+1.49	-2.13	-4.04	+9.97	+0.86	Art.8

Global Multi-Asset	IP EUR	-3.06	-2.92	-10.98	+0.71	-0.49	Art. 6

	RAM (Lux) Tactical Funds	Net Performance (%)
	As of end February 2023	MTD	YTD	1Y	3Y	5Y	ESG Integration


Global Bond Total Return	B USD	-1.37	+0.74	-4.06	-3.36	+6.04	Art. 8

Asia Bond Total Return JP Morgan Asia Credit Index $	PI USD	-1.04 -1.33	+1.13 +1.61	-5.22 -5.48	-6.38 -8.39	+1.99 +5.07	Art. 6

*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.

Important information
The personal data collected will be stored and processed for the purpose of managing subscriptions to our communications and for statistical purposes. If you wish to obtain further information on your rights, you can contact the data controller at the following address: dpt@ram-ai.com. We also invite you to read our privacy notice which can be accessed here or via our website at ram-ai.com

Disclaimer

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

ram-ai.com