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Global financial markets gained in August, recovering intra-month declines on continued virus variant concerns and increased geopolitical uncertainty associated with instability in Afghanistan. Equity markets gained led by Technology, Healthcare and Financials, with regional gains led by India, China and the Netherlands. Interest rates increased slightly on expectations for US Federal Reserve tapering of bond purchases, while the US Dollar gained against most currencies. Oil led commodity declines on expectations for increased OPEC output, natural gas surged while Metals were mixed; Lumber & Hogs led agricultural declines, which were partially offset by gains in Sugar.
The HFRU Hedge Fund Composite Index gained +0.60% in August.

HFRU Equity Hedge Index gained +0.92%
HFRU Event Driven Index gained +0.60%
HFRU Macro Index posted a narrow decline of -0.01%
HFRU Relative Value Arbitrage Index gained +0.29%

Comments reference performance as of August 31, 2021