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In April, global financial markets declined as investors positioned portfolios for interest rates to remain higher in the coming months due to persistent inflation, reversing Q1 optimism on rate cuts. Geopolitical risk continued to accelerate, with the conflict in Israel expanding to broader conflicts throughout the Middle East. Equities posted declines led by Technology, Financials, and Large-Cap sectors as optimism for rate cuts faded. Interest rates increased on persistent inflationary pressures, while the US Dollar gained, and the Japanese Yen fell to record lows. Commodity prices were mixed for the month. Copper and Platinum led Metals commodities, Natural Gas led Energy commodities, and Tea led Agricultural commodities.

The HFRI-I Liquid Alternative UCITS Index posted a decline of -0.70% in April.

• HFRI-I Macro Index declined -0.04%
• HFRI-I Relative Value Index declined -0.59%
• HFRI-I Equity Hedge Index declined -0.88%
• HFRI-I Event Driven Index declined -1.15%
  

Comments reference performance as of April 30, 2024