---

Global financial markets gained in April driven by surging commodity prices, positive corporate earnings and continued progress on vaccination administration in the US, as well as continued strong employment and housing data. Equity markets gained across most sectors led by Technology; Energy, commodity-linked and Financial sectors all posted strong gains. US interest rates posted a narrow decline as the US dollar fell against most currencies, including Euro, Swiss Franc, Japanese Yen and Brazilian Real. Commodities surged on steadily increasing expectations for inflation, with sharp increases across Oil, Natural Gas, Copper, Aluminum, Corn, Wheat & Lumber.
Performance in April 2021 was driven by perceptions of accelerating growth and incipient inflation. The HFR Bank Systematic Risk Premia Indices reflected up-trends in multiple commodities which sent Commodity Momentum up +6.53% for the month (+18.91% YTD). Also, Commodity Carry gained +4.43% (+9.69% YTD) as dynamic curve carry strategies took advantage of multiple forward curves flipping to backwardation. Multi-Asset Momentum also benefited from these trends, delivering gains of +5.98% MTD (+13.39% YTD). Conversely, Rates Momentum declined -1.53% for the month (-3.94% YTD) and Currency Momentum declined -3.13% (-6.33% YTD).
Comments reference performance figures as of April 30, 2021