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Led by US technology, AI exposure, and receding bank risk, global financial markets gained in June. Investor optimism regarding peaking inflation and the moderation of interest rate increases also contributed. Technology, Semiconductors, and small cap stocks led sector gains. Italy, Spain, and France led European markets, while India and Japan led Asian gains. Short-duration interest rates increased on slowing generational inflation and moderating expectations for interest rate increases in 2H23; longer-dated interest rates showed little change as the yield curve flattened. The US Dollar gained against the Japanese Yen but declined against the Euro, Pound Sterling, and Swiss Franc. Natural Gas surged to lead commodity gains; Oil, Soybeans, and Lean Hogs also gained, while Platinum, Coffee, and Aluminum declined.
The HFRI-I Liquid Alternative UCITS Index posted a gain of +1.57% in June.

HFRI-I Equity Hedge Index gained +1.93%
HFRI-I Macro Index gained +1.64%
HFRI-I Event Driven Index gained +1.21%
HFRI-I Relative Value Arbitrage Index gained +0.90%

Comments reference performance as of June 30, 2023