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Global financial markets posted gains through mid-July following the worst equity market decline in the first half of a year in over 50 years and despite accelerating inflationary pressures and increased likelihood of consumer recession. Equity markets posted gains led by Technology while Cyclicals and Telecom also gained; regional equity gains were led by France, the Netherlands, and India. Interest rates declined modestly despite continued expectations for Federal Reserve rate increases – the US Dollar gained sharply against most currencies. Oil & Copper led commodity declines across Energy & Metals while Natural Gas surged; Corn & Coffee posted steep declines in Agriculturals.
Hedge funds posted mixed performance through mid-July, with the HFRX Global Hedge Fund Index declining -0.47% MTD.

HFRX Equity Hedge Index declined -0.61%
HFRX Event Driven Index declined -1.20%
HFRX Macro/CTA Index gained +0.17%
HFRX Relative Value Arbitrage Index posted a gain of +0.03% MTD

Comments reference performance figures as of July 15, 2022