---

In April, global financial markets posted steep declines driven by concerns regarding inflation, higher interest rates, and the ongoing military conflict in Ukraine. Most US equity indices posted the worst month since the beginning of the global coronavirus pandemic, while the Nasdaq posted the worst monthly decline since 2008. US equity markets declines were led by Technology, Semiconductors, and Telecom; European & Asian equities posted more narrow declines. US interest rates rose as generational inflation continued to accelerate, and the US Federal Reserve communicated expectations for multiple rate increases for 2022; the US yield curve oscillated between a normal and inverted shape throughout the month. The US Dollar gained against most currencies posting a significant gain against the Japanese Yen, with the Bank of Japan indicating continued low interest rates. Energy once again led commodity gains, with Natural Gas spiking on supply constraints while Oil also extended gains; Metals declines were led by Aluminum & Silver while Agricultural gains were led by Cotton & Corn.
The HFRI-I Liquid Alternative UCITS Index posted a decline of -0.89% in April.

HFRI-I Equity Hedge Index declined 1.39%
HFRI-I Event Driven Index declined -0.80%
HFRI-I Macro Index posted a gain of +0.99%
HFRI-I Relative Value Arbitrage Index declined -0.93%

Comments reference performance as of April 29, 2022