---

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 HFRU Hedge Fund Composite Index posted a gain of +0.45% in July.

• HFRU Event Driven Index gained +1.55%
• HFRU Relative Value Index gained +0.76%
  
• HFRU Equity Hedge Index posted a gain of +0.53%
• HFRU Macro Index declined -0.49%

Comments reference performance as reported on July 31, 2024.