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In August, global financial markets traded in a volatile, wide range, exhibiting steep losses through a historic early-month global volatility spike. However, equity market losses mostly recovered by the end of the month. Interest rates declined as investors positioned for weakening economic growth, while geopolitical risks and uncertainty surrounding the upcoming US elections remain. Global equity markets were volatile in August, with US equities having a varied performance. Technology stocks led the way with advancements in AI and renewable energy driving growth, while small-cap stocks declined; Germany and Brazil led regional gains, while China and Japan led regional declines. Commodities saw mixed performance due to supply chain issues and geopolitical pressures, with Coffee, Aluminum, and Natural Gas leading commodity gains while Oil and Platinum declined.

The HFRU Hedge Fund Composite Index declined -0.02% in August.

• HFRU Event Driven Index gained +0.69%
• HFRU Relative Value Index gained +0.63%
  
• HFRU Equity Hedge Index posted a gain of +0.08%
• HFRU Macro Index declined -1.15%

Comments reference performance as reported on August 30, 2024.