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In May, global financial markets ended the volatile month with mixed and little changed results. Although, global equities recovered steep intra-month losses into month end as equities traded in a wide range as a result of continued inflationary pressures and expectations for a slowing economy. Energy and Semiconductors led sector gains while Germany, China & Russia led regional gains. Interest rates were little changed for the month as the yield curve steepened from falling short term rates; the US dollar declined against most currencies. Energy once again led commodity gains with Natural Gas and Oil extending gains; Aluminum & Silver led Metals declines while Lumber & Cotton led Agricultural declines.
The HFRU Hedge Fund Composite Index posted a decline of -0.43% in May.

HFRU Equity Hedge Index declined -0.07%
HFRU Event Driven Index posted a decline of -1.24%
HFRU Macro Index declined -0.54%
HFRU Relative Value Arbitrage Index declined -0.94%

Comments reference performance as reported on June 1, 2022.