---

In June, global financial markets posted steep declines marking the worst 1st half of a year in the last 50 years as inflation accelerated and the US Federal Reserve increased interest rates to curb said inflation. Equity markets posted steep, broad-based declines across all sectors led by Cyclicals, Technology, and Energy; regional equity market losses were led by Korea, Italy, and Germany. The Federal Reserve raised interest rates 75 basis points and indicated the likelihood of additional increases in the coming month to curb inflation. The US Dollar gained against most currencies including the Euro, British Pound, and Japanese Yen. Commodities fell in June led by the steep decline in Natural Gas. Oil, Copper, Cotton, and Wheat also posted sharp declines.
The HFRI-I Liquid Alternative UCITS Index posted a decline of -1.91% in June.

HFRI-I Equity Hedge Index declined -1.62%
HFRI-I Event Driven Index declined -1.56%
HFRI-I Macro Index declined -1.81%
HFRI-I Relative Value Arbitrage Index declined -3.00%

Comments reference performance as of June 30, 2022