---

Global financial markets gained in May let by Energy, small cap and growth sectors, extending the strong recovery from the prior months as businesses began the process of reopening form the coronavirus pandemic quarantine. Energy equities surged as Oil posted record monthly gains in May, small cap, growth, technology and commodity sensitive all gained as risk tolerance continued to increase; regional gains were led by Germany, Japan, Russia and Brazil. Interest rates increased and credit tightened as volatility declined, while the US dollar was mixed, gaining against British Pound Sterling, while little changed against the Euro, Swiss Franc and Japanese Yen. Oil surged to a record monthly gain as strengthening demand and output reductions contributed to WTI gains, while Brent crude also gained; Silver, Platinum, Cattle and Lumber also led commodity gains. Hedge fund strategies posted gains with the HFRI-I Liquid Alternative UCITS Index gaining +0.88% for the month.

HFRI-I Relative Value Arbitrage Index gained +2.10% in May

HFRI-I Event Driven Index posted a gain of +1.01%
HFRI-I Equity Hedge Index gained +0.90%

HFRI-I Macro Index posted a decline of -0.54%

Comments reference performance as of May 29, 2020