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In July, global financial markets delivered mixed performance. Strong corporate earnings provided support, but ongoing uncertainty around trade and tariff negotiations weighed on sentiment. U.S. equities led market gains, while performance across Europe, Asia, and Latin America was mixed. Interest rates moved higher for investors as inflationary pressures persisted, although the U.S. Federal Reserve left its policy rate unchanged. The U.S. dollar weakened against most major currencies. Oil led commodity gains, while natural gas, copper, and rubber led declines.

The HFRI-I Liquid Alternative UCITS Index posted a gain of +0.54% in July.

• HFRI-I Equity Hedge Index gained +0.62%
• HFRI-I Event Driven Index gained +0.47%
• HFRI-I Relative Value Index gained +0.45%
• HFRI-I Macro Index gained +0.38%

Comments reference performance as of July 31, 2025