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Global financial markets posted steep losses through mid-June, with losses driven by generational inflation, rising interest rates, and increased likelihood of economic recession. Global equity markets posted steep declines led by Technology & Cyclicals. European & Asian equities also posted sharp losses. Interest rates rose sharply across all maturities as the Federal Reserve increased interest rates by 75 basis points and CPI increased by 8.6 percent. The US Dollar gained against most other currencies while Cryptocurrencies posted steep losses. Energy commodities posted mixed performance while Metals declined led by Aluminum; Agricultural declines were led by Lumber & Sugar. 
Hedge funds posted mixed performance through mid-June as declines in higher beta strategies were partially offset by gains in Macro strategies, with the HFRX Global Hedge Fund Index declining -0.94% MTD. 

HFRX Equity Hedge Index declined -1.55%
HFRX Event Driven Index declined -1.35%
HFRX Macro/CTA Index gained +2.98%
HFRX Relative Value Arbitrage Index posted a decline of -2.30% MTD

Comments reference performance figures as of June 15, 2022