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In July, global financial markets gained following the worst 1H of a calendar year in over 50 years despite the US economy entering a recession and the Federal Reserve raising interest rates. Global equity markets surged for the month, led by Technology & Energy, while France, India, and the Netherlands led regional gains. Bond yields declined across all maturities regardless of the Fed increasing interest rates, and the US Dollar strengthened across the board against all other currencies. Natural gas surged on supply cuts while Oil posted a sharp decline; Copper led Metals declines while Corn & Lumber led agricultural commodity declines.
The HFRU Hedge Fund Composite Index posted a gain of +0.72% in July.

HFRU Equity Hedge Index gained +1.21%
HFRU Event Driven Index posted a gain of +0.27%
HFRU Macro Index declined -0.98%
HFRU Relative Value Arbitrage Index gained +1.82%

Comments reference performance as reported on July 29, 2022.