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Through mid-February, global financial markets posted mixed performance as inflation reached a new 30 year high, interest rates continued to rise and geopolitical risk related to possible Russia/Ukraine conflict increased. US equities posted mixed performance as strong earnings partially offset rising risks, with gains led by small caps, cyclicals and energy while Asian equities rose. US interest rates increased as inflation reached 40 year highs, led by increased in shorted dated maturities. The US Dollar fell against the Euro, Pound & Swiss Franc, but gained against the Yen. Oil extended prior month commodity gains while Natural Gas fell; Aluminum & Copper led Metals gains while Lumber & Hogs surged in Agriculturals. 
Hedge funds posted mixed performance through mid-February with the HFRX Global Hedge Fund Index gaining +0.46% MTD.
HFRX Equity Hedge Index posted a decline of -2.12% 
HFRX Event Driven Index gained +0.47%
HFRX Macro/CTA Index gained +1.48%
HFRX Relative Value Arbitrage Index posted a decline of -0.67% MTD
Comments reference performance figures as of February 15, 2022