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In February, global financial markets declined as investors positioned for continued inflation, higher interest rates, and the possibility of a global economic recession. Global equity markets posted mixed performance, with declines led by large-cap, Technology, and Commodity sensitive sectors. European gains were led by the United Kingdom, France, and Germany while Asian equites declined. Interest rates increased across all maturities while the US Dollar strengthened against most currencies. Commodity declines were led by Aluminum and Silver while Energy commodities were little changed for the month. Agricultural commodities declined in February led by Wheat, Corn, and Lumber.
The HFRU Hedge Fund Composite Index posted a decline of -0.19% in February.

HFRU Macro Index gained 0.32%
HFRU Event Driven Index posted a decline of -0.22%
HFRU Equity Hedge Index declined -0.27%
HFRU Relative Value Arbitrage Index declined -0.60%

Comments reference performance as reported on February 28, 2023.