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In July, global financial markets posted strong gains – extending June gains – led by Technology and Energy as inflationary pressures eased and bank risks declined. Equities posted sharp gains led by Energy, Technology, AI, and Semiconductors; Italy, Turkey, and Hong Kong led regional gains. Interest rates were little changed as the yield curve inversion increased, with rising shorter-dated yields and falling longer-dated maturities. Oil surged to lead commodity gains as Silver, Copper, and Hogs also gained. The US Dollar declined against most currencies on falling inflationary pressures.
The HFRI-I Liquid Alternative UCITS Index posted a gain of +0.89% in July.

HFRI-I Relative Value Arbitrage Index gained +1.41%
HFRI-I Equity Hedge Index gained +0.99%
HFRI-I Event Driven Index gained +0.63%

HFRI-I Macro Index gained +0.18%

Comments reference performance as of July 31, 2023