---

Global financial markets gained in April driven by surging commodity prices, positive corporate earnings and continued progress on vaccination administration in the US, as well as continued strong employment and housing data. Equity markets gained across most sectors led by Technology; Energy, commodity-linked and Financial sectors all posted strong gains. US interest rates posted a narrow decline as the US dollar fell against most currencies, including Euro, Swiss Franc, Japanese Yen and Brazilian Real. Commodities surged on steadily increasing expectations for inflation, with sharp increases across Oil, Natural Gas, Copper, Aluminum, Corn, Wheat & Lumber.
The HFRI-I Liquid Alternative UCITS Index posted a gain of +1.23% in April.

HFRI-I Equity Hedge Index gained +1.58%
HFRI-I Event Driven Index gained +2.01%
HFRI-I Macro Index gained +0.98%
HFRI-I Relative Value Arbitrage Index posted a gain of +0.70%

Comments reference performance as of April 30, 2021