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In June, global financial markets gained as geopolitical risk continued to rise with elections in Europe and the upcoming US election leading to possible changes in important policies. Global equities gained while trading in a wide range, though volatility declined over prior months, and earnings were generally in line with expectations; Technology led US gains while small caps declined. Interest rates declined as investors continued to position for 2H24 rate cuts in the US, while the ECB lowered rates; the US Dollar gained against most currencies. Oil led Energy commodity gains, and Copper led Metals declines. Wheat and Corn led Agricultural commodity declines.

The HFRU Hedge Fund Composite Index posted a declined of -0.71% in June.

• HFRU Relative Value Index declined -0.04%
• HFRU Event Driven Index declined -0.55%
• HFRU Macro Index declined -0.83%
• HFRU Equity Hedge Index posted a decline of -0.95%

Comments reference performance as reported on June 28, 2024.