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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 HFRX Global Hedge Fund Index gained +0.78% through mid-June.

HFRX Equity Hedge Index gained +1.43%
HFRX Relative Value Arbitrage Index gained +0.73%

HFRX Event Driven Index gained +0.70%
HFRX Macro Index declined -0.05% MTD

Comments reference performance figures as of June 16th, 2023