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In March, global financial markets posted mixed performance as interest rates increased, with equities paring declines for the quarter despite the continuation of generational inflationary pressures as well as the military conflict following the Russian invasion of Ukraine. Global equity markets gained led by Energy, Commodities, and Technology; European & Asian equities were mixed while the Russian equity market partially reopened under trading restrictions after a month of closure. Interest rates rose with increases concentrated in shorter-dated maturities as the yield curve flattened; the US Dollar posted a sharp increase against the Japanese Yen, also gaining against the Pound, Euro, and Swiss Franc. Commodity gains were led by a spike in Oil & Natural Gas, Metals gains were led by Copper & Aluminum while Agricultural gains were led by Cotton, Wheat, & Sugar.
The HFRU Hedge Fund Composite Index posted a gain of +0.36% in March.

HFRU Equity Hedge Index declined -0.10%
HFRU Event Driven Index posted a decline of -0.41%
HFRU Macro Index gained +2.25%
HFRU Relative Value Arbitrage Index declined -0.28%

Comments reference performance as reported on April 1, 2022.