---

Global financial markets gained through mid-June led by large cap technology as exposure to A.I. surged. Shorter dated interest rates rose as inflation declined and the US Federal Reserve paused rate increases, though left open the possibility for future increases; the US Dollar declined against most currencies. Commodities were mixed with gains in Natural Gas and Copper offset by declines in Gold and Platinum.
The HFRI-I Liquid Alternative UCITS Index gained +1.72% through mid-June.
Comments reference performance figures as of June 16th, 2023