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In April, global financial markets posted mixed performance as bank risk and volatility accelerated into month end. US equities were mixed, with gains in Cyclicals and Healthcare offset by declines in Technology and Small-caps; France, Japan, Australia, and the UK led regional gains. Interest rates rose across most maturities as the Dollar fell against the Euro, Swiss Franc, and British Pound Sterling. Commodities were also mixed with gains in Oil, Natural Gas, Platinum, and Sugar offset by declines in Copper and Wheat.
Hedge Funds posted gained gains in April led by Macro/CTA strategies with the HFRX Macro/CTA Index gaining +1.36%, and the HFRX Global Hedge Fund Index gained +0.34% for the month.    
HFRX Macro/CTA Index posted a gain of +1.36% for the month led by gains in systematic trend-following managers. The HFRX Macro Systematic CTA Index gained +1.88% in April as the UD Dollar was mixed against most currencies. Commodities were also mixed for the month with gains led by Natural Gas, Sugar, and Platinum. Wheat, Lumber, and Copper led commodity declines.
HFRX Equity Hedge Index gained +0.61% for April from gains in Fundamental Growth and Value strategies partially offset by declines in Market Neutral strategies. The HFRX Fundamental Growth Index gained +0.66% from gains concentrated in small-cap US & European equities. The HFRX Fundamental Value Index also gained +0.66% for the month from gains in exposure to large-cap US & European equities. The HFRX Market Neutral Index declined -0.15% from declines in mean-reverting, factor-based strategies and fundamental managers.
HFRX Relative Value Index gained +0.25% for the month led by gains in Multi-Strategy managers offset by declines in Convertible Arbitrage strategies. The HFRX RV: Multi-Strategy Index gained +0.28% for April as interest rates increased across most maturities. The HFRX Convertible Arbitrage Index declined -0.07% as volatility rose into month-end.  
HFRX Event Driven Index declined -0.51% for April from declines in Merger Arbitrage managers and Special Situations equity strategies. The HFRX Merger Arbitrage Index declined -0.04% as global equities saw mixed performance across geographies and sectors and activity in global M&A deals continued through the month. The HFRX Special Situations Index declined -0.54% from exposures to global catalyst-driven, fundamental value equities.
 
Comments reference performance figures as of April 28, 2023