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Global financial markets exhibited mixed performance through mid-March, as tariff uncertainty and concerns regarding slowing economic growth heightened volatility in US equities, particularly within the large-cap technology sector. US equities experienced steep declines, led by technology, while European and Asian equities posted gains. Interest rates fell as investors adjusted their positions in anticipation of slower growth and potential interest rate cuts in 2025. The US dollar weakened against most major currencies. Copper, platinum, natural gas, and wheat led commodity gains while cocoa and oil declined.

Hedge funds declined through mid-March, with the HFRX Absolute Return Index declining -0.09% and the HFRX Global Hedge Fund Index declining -0.56%.

• HFRX Relative Value Index declined -0.24%
  
• HFRX Event Driven Index declined -0.26%
• HFRX Equity Hedge Index declined -0.81%
• HFRX Macro Index declined -1.21%

Comments reference performance figures as of March 17th, 2025