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Global financial markets gained through mid-May – reversing prior month declines – as the US Federal Reserve affirmed continued progress on reducing inflation and the expectation for interest rate reductions in 2H24, even if these reductions are fewer than investors had optimistically anticipated. Global equity markets recovered declines from the prior month led by small caps, Technology, Financials, and commodity-sensitive sectors. Interest rates declined on moderating inflation and expectations for interest rates cuts in 2H24, while the US Dollar declined against most currencies. Metals led commodity sector gains with Platinum and Silver surging, Natural Gas led Energy commodities, while Wheat and Soybeans led Agricultural commodity gains.

The HFRI-I Liquid Alternative UCITS Index gained +1.11% through mid-May.

Comments reference performance figures as of May 16th, 2024