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In March, global financial markets posted mixed performance dominated by bank closures and concerns about the stability of financial institutions; UBS agreed to acquire Credit Suisse with the support of Swiss and central banks. Asset classes traded in wide and volatile ranges throughout the month with equities paring steep intra-month declines into month end. The strength in the Technology sector was offset by weakness in Financials and Energy. US Federal Reserve increased interest rates to slow US inflation, however, flight to quality buying drove bond yields lower for the month. The US dollar declined against most currencies. Gold & Silver led commodity gains while Crude Oil was little changed for the month. Natural Gas posted a steep decline.
The HFRI-I Liquid Alternative UCITS Index posted a decline of -0.60% in March.

HFRI-I Equity Hedge Index gained +0.15%
HFRI-I Event Driven Index declined -0.84%
HFRI-I Macro Index declined -1.74%
HFRI-I Relative Value Arbitrage Index declined -0.81%

Comments reference performance as of Marc h 31, 2023