---

Global financial markets gained in March, extending the prior month gains despite rising bond yields and expectation for inflation. Equity markets posted gains across most sectors & regions, led by US large caps including Non-Cyclicals, Financials & Telecom, while regional gains were led by Germany, Italy & France. US interest rates increased on expectations for economic growth in 2H21, while the US Dollar strengthened against most currencies. Commodities posted mixed performance with declines led by Oil, Silver & Sugar, which were offset by gains in Aluminum. Hedge Fund and Risk Premia strategies posted gains for the month. The HFRU Hedge Fund Composite Index gained +0.90% in March.

HFRU Equity Hedge Index gained +1.35%
HFRU Event Driven Index posted a modest decline of -0.02%
HFRU Macro Index gained +0.76%
HFRU Relative Value Arbitrage Index declined slightly by -0.02%

Comments reference performance as of March 31, 2021