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In July, global financial markets posted strong gains – extending June gains – led by Technology and Energy as inflationary pressures eased and bank risks declined. Equities posted sharp gains led by Energy, Technology, AI, and Semiconductors; Italy, Turkey, and Hong Kong led regional gains. Interest rates were little changed as the yield curve inversion increased, with rising shorter-dated yields and falling longer-dated maturities. Oil surged to lead commodity gains as Silver, Copper, and Hogs also gained. The US Dollar declined against most currencies on falling inflationary pressures.
The HFRU Hedge Fund Composite Index posted a gain of +0.81% in July.

HFRU Relative Value Argbitrage Index gained +1.15%
HFRU Equity Hedge Index gained +1.11%
HFRU Event Driven Index posted a gain of +0.19%
HFRU Macro Index gained +0.14%

Comments reference performance as reported on July 31, 2023.