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Global financial markets gained in March, extending the prior month gains despite rising bond yields and expectation for inflation. Equity markets posted gains across most sectors & regions, led by US large caps including Non-Cyclicals, Financials & Telecom, while regional gains were led by Germany, Italy & France. US interest rates increased on expectations for economic growth in 2H21, while the US Dollar strengthened against most currencies. Commodities posted mixed performance with declines led by Oil, Silver & Sugar, which were offset by gains in Aluminum. Hedge Fund and Risk Premia strategies posted gains for the month.
The HFRI-I Liquid Alternative UCITS Index posted a gain of +0.30% in March.

HFRI-I Equity Hedge Index gained +0.48%
HFRI-I Event Driven Index declined -041%
HFRI-I Macro Index gained +0.90%
HFRI-I Relative Value Arbitrage Index posted a modest gain of +0.05%

Comments reference performance as of March 31, 2021