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In May 2025, global financial markets posted strong gains, continuing the momentum from the second half of April. This rally was driven by progress and further developments in trade and tariff negotiations, which supported strong equity market performance. Technology led equity market gains on strong earnings and an overall improvement in risk sentiment, as prospects for global economic growth strengthened compared to the previous month. Germany and Japan led regional equity market gains. Despite moderating inflation, interest rates rose, while market volatility declined. The US dollar weakened against most major currencies. In commodities, notable gains were seen in oil, natural gas, platinum, hogs, and wheat.

The HFRI-I Liquid Alternative UCITS Index posted a gain of +1.86% in May.

• HFRI-I Equity Hedge Index gained +3.06%
  
• HFRI-I Event Driven Index gained +1.59%
• HFRI-I Relative Value Index gained +0.86%
• HFRI-I Macro Index gained +0.11%

Comments reference performance as of May 30, 2025