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In May, global financial markets posted mixed performance with gains in Technology and AI equities offset by declines in commodities, higher interest rates, and ongoing concerns regarding economic growth in 2023. Technology equities led gains with strong earnings from Nvidia boosting semiconductor and AI-related equities. Energy and Financials led declines through Financials volatility which peaked in early May and moderated throughout the month as investors shifted focus to debt ceiling proceedings; European and Asian equities declined across most regions, although Japan gained. Interest rates increased as investor focus adjusted from regional bank volatility to debt ceiling legislation and economic outlook. The US Dollar gained against most currencies. Oil, Natural Gas, Platinum, and Soybeans led commodities declines.
The HFRI-I Liquid Alternative UCITS Index posted a decline of -0.28% in May.

HFRI-I Relative Value Arbitrage Index gained +0.26%
HFRI-I Macro Index declined -0.05%
HFRI-I Equity Hedge Index declined -0.08%
HFRI-I Event Driven Index declined -2.67%

Comments reference performance as of May 31, 2023