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Global financial markets were mixed in July with gains led by large cap Technology exposures as US interest rates declined to historic lows and despite continuation of the global pandemic quarantine. US gains were led by Technology, Healthcare, Consumer, Energy and commodity sensitive sectors, while European equities declined led by France, UK & Spain; Chinese equities also posted strong gains. US interest rates declined on expectations for additional stimulus and slower global economic recovery than had been forecasted. The US Dollar declined as Gold & Metals commodities gained; Energy & Agricultural commodity gains were led by Oil, Coffee, Cattle, Lumber & Wheat. Hedge fund strategies posted gains with the HFRI-I Liquid Alternative UCITS Index gaining +1.35% for the month.

HFRI-I Equity Hedge Index gained +1.58% in July
HFRI-I Event Driven Index posted a gain of +1.08%
HFRI-I Macro Index posted a gain of 1.00%

HFRI-I Relative Value Arbitrage Index gained +1.52%

Comments reference performance as of July 31, 2020