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Global financial markets declined through mid-December as investors positioned for an economic recession driven by generational inflationary pressures. Global equity markets declined led by Technology, Energy, and Small Caps; regional declines were led by Italy, Germany, and Korea. Bond yields declined despite the Federal Reserve raising interest rates, while investors positioned for additional increased in 2023; the US Dollar declined against most currencies. Commodity declines were led by Energy & Oil, though Natural Gas gained; Silver surged while Wheat & Cotton declined.
The HFRI-I Liquid Alternative UCITS Index gained +0.45% through mid-December. Comments reference performance figures as of December 14, 2022