---

Global Financial Markets posted mixed performance through mid-July as the US CPI showed a sharp decline in inflation. US technology extended recent gains while European and Asian indices were mixed. US gains were led by Technology, Energy, Cyclicals, and small caps, while the UK and Hong Kong declined. Interest rates were little changed with modest curve flattening; the US Dollar fell against most currencies. Oil and Silver led commodity gains while Natural Gas and other Metals declined. Coffee, Corn, and Sugar led sharp declines in Agricultural commodities.
The HFRX Global Hedge Fund Index gained +0.34% through mid-July.

HFRX Equity Hedge Index gained +0.40%
HFRX Relative Value Arbitrage Index gained +0.52%
HFRX Event Driven Index gained +1.02%
HFRX Macro Index declined -1.14% MTD

Comments reference performance figures as of July 14th, 2023