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In June, global financial markets advanced, supported by progress in trade tariff negotiations, expectations of improving economic growth, and easing inflationary pressures. Investor sentiment was also influenced by heightened geopolitical tensions in the Middle East. Equities posted broad-based gains across both developed and emerging markets, with gains observed across sectors, regions, and market capitalizations. Interest rates declined as inflationary pressures eased, and the U.S. dollar weakened against most major currencies. In commodities, platinum led gains, followed by oil and silver. In contrast, most agricultural commodities experienced declines.

The HFRU Hedge Fund Composite Index gained +0.75% in June.

• HFRU Relative Value Index gained +1.09%
• HFRU Equity Hedge Index gained +0.72%
• HFRU Event Driven Index gained +0.71%
• HFRU Macro Index gained +0.54%

Comments reference performance as reported on June 30, 2025.