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Global financial markets declined through mid-August as interest rates increased and inflationary pressures continued to fall. Metal led commodity declines and equites pared strong gains from the prior 2 months. Technology led equity market declines with Energy, small caps, and Cyclicals also declining. Interest rates rose following a prior month Fed tightening, while the US Dollar declined against the British Pound Sterling, Swiss Franc, and Euro. Commodity declines were led by Metals, with Silver and Copper leading declines. Oil was little changed while Wheat and Cattle led agricultural commodity declines.
The HFRX Global Hedge Fund Index gained +0.03% through mid-August.

HFRX Event Driven Index gained +0.52%
HFRX Macro Index gained +0.08%
HFRX Relative Value Index declined -0.20%
HFRX Equity Hedge Index declined -0.23% MTD

Comments reference performance figures as of August 15th, 2023