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In September, global financial markets posted steep declines as the Federal Reserve increased interest rates extending prior months’ losses on accelerating inflation, expectations for global additional interest rate increases, and expectations for a global economic recession. Global equity markets posted sharp losses led by Technology, Telecom, and Energy; regional declines were led by Germany, Russia, and Hong Kong. Interest rates increased as the Federal Reserve indicated aggressive increases would be needed to slow generational inflation, while the US Dollar rose to record highs against the British Pound Sterling, Euro, and Japanese Yen. Commodity declines were led by Oil and Natural Gas. Aluminum led Metals declines while Cotton led Agricultural losses.
The HFRU Hedge Fund Composite Index posted a decline of -1.92% in September.

HFRU Equity Hedge Index declined -2.96%
HFRU Event Driven Index posted a deline of -1.37%
HFRU Macro Index gained +0.95%
HFRU Relative Value Arbitrage Index declined -3.03%

Comments reference performance as reported on September 30, 2022.