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In July, global financial markets posted a mixed performance. Interest rates declined sharply while geopolitical and election uncertainty accelerated. Global equity markets also had a mixed performance – technology stocks fell while other large-cap stocks gained, and small-caps surged. The United Kingdom and Brazil led regional gains while Japan led regional declines. European central banks cut rates, and investors positioned themselves for US rate cuts. The Bank of Japan raised interest rates. Natural Gas, Aluminum, and Soybeans led commodity declines in July, but Gold gained to a record high.

The HFRI-I Liquid Alternative UCITS Index posted a gain of +0.33% in July.

• HFRI-I Event Driven Index gained +1.70%
• HFRI-I Relative Value Index gained +1.35%
• HFRI-I Equity Hedge Index declined -0.15%
• HFRI-I Macro Index declined -0.63%
  

Comments reference performance as of July 31, 2024