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In February, global financial markets posted mixed performance as managers and investors adjusted their positions in anticipation of the impact from upcoming international trade tariffs. US equities experienced a decline, driven largely by a sharp drop in large-cap technology stocks, while most European and Asian indices posted gains for the month. Interest rates declined as investors prepared for the potential economic effects of the tariffs and the possibility of slower growth in 2025. Cryptocurrencies saw significant declines, and the US Dollar weakened against most other currencies. Commodities showed mixed results, with natural gas continuing its record surge and gold posting gains. However, oil, platinum, and most agricultural commodities declined.

The HFRI-I Liquid Alternative UCITS Index posted a decline of -0.22% in February.

• HFRI-I Relative Value Index gained +0.66%
• HFRI-I Event Driven Index gained +0.49%
• HFRI-I Macro Index gained +0.29%
• HFRI-I Equity Hedge Index declined -1.02%
  

Comments reference performance as of February 28, 2025