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In February, global equity markets posted declines as geopolitical tensions increased sharply because of the Russian military invasion of Ukraine and global inflationary pressures continuing to mount. Equity market declines were led by Large-cap & Technology, while developed market regional declines were led by Germany & France. Russian equity markets lost one-third of their value before the Russian stock exchange was closed. Interest rates fell into month-end on flight-to-quality and global financial sanctions imposed on Russia, although rates ended the month slightly higher as a result of increases early in the month. The US Dollar was little changed for the month, but the Russian Ruble plunged by one-third in value due to imposed sanctions. Commodities surged led by Oil, Aluminum, and Silver; Agricultural Commodity gains were led by Lumber & Wheat. 
 
 The HFRU Hedge Fund Composite Index posted a decline of -1.48% in February.
•HFRU Equity Hedge Index declined -2.31%
•HFRU Event Driven Index gained +0.20%
•HFRU Macro Index posted a decline of -0.45%
•HFRU Relative Value Arbitrage Index declined -0.96%
Comments reference performance as reported on February 28, 2022.