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Strong technology earnings were partially offset by renewed concerns regarding the spread of new virus variants resulting in mixed global market performance in July. US large caps posted gains while small caps led declines with sector gains led by Energy & Healthcare. European equities posted small gains while Asian equities posted modest declines. US interest rates fell as credit tightened while the US Dollar declined against most currencies. Energy commodity gains were led by natural gas & oil, while metals were mixed with gains led by Copper; Coffee led gains in Agricultural commodities which were offset by declines in Corn.
The HFRU Hedge Fund Composite Index declined -0.37% in July.

HFRU Equity Hedge Index declined -0.56%
HFRU Event Driven Index posted a decline of -1.47%
HFRU Macro Index gained +0.10%
HFRU Relative Value Arbitrage Index gained +0.14%

Comments reference performance as of July 30, 2021