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Global financial markets declined in September, as interest rates increased and efforts to pass a large stimulus bill remained stalled. Global equity markets declined led by Technology, though declines were spread across most sectors and regions. US interest rates increased on expectations for reduction of bond purchases by the US Federal Reserve as signs inflation continued to build, while the US Dollar gained against most currencies. Energy led commodity gains with Natural Gas surging while Oil prices rose; Metals declines were led by Silver & Copper while Agricultural gains were led by Cotton & Lumber.
The HFRU Hedge Fund Composite Index declined -0.61% in September.

HFRU Equity Hedge Index declined -0.36%
HFRU Event Driven Index gained +0.03%
HFRU Macro Index posted a decline of -1.39%
HFRU Relative Value Arbitrage Index declined -0.71%

Comments reference performance as of September 30, 2021