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Global financial markets extended gains in August led by US technology sector, as investors positioned for continuation of virus pandemic as well as upcoming US election. US equities surged to record highs led Technology, Growth & Cyclicals; European & Asian gained led by Germany & India. Interest rates increased despite US Federal Reserve committed to maintain low interest rates for an extended period of time. The US Dollar declined on expectations of accommodative policy by the Federal Reserve. Commodities gained led by surges in Natural Gas, Silver and Lumber as well as gains in Oil, Corn and Copper. Hedge fund strategies posted gains with the HFRI-I Liquid Alternative UCITS Index gaining +0.76% for the month.

HFRI-I Equity Hedge Index gained +1.47% in August
HFRI-I Event Driven Index posted a gain of +0.51%
HFRI-I Macro Index declined -0.09%
HFRI-I Relative Value Arbitrage Index gained +0.80%

Comments reference performance as of August 31, 2020