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Global financial markets extended their August gains through mid-September led by U.S. large-cap and Emerging Market equities. Performance was supported by an improving economic outlook and heightened expectations for U.S. interest rate cuts. In fixed income, interest rates declined, with longer-dated maturities falling more sharply, resulting in a steeper yield curve. The U.S. dollar weakened against most major currencies. Metals led by commodity performance with strong gains in Gold and Silver. Energy commodities were mixed, while Corn and Coffee led agricultural commodities.

The HFRI-I Liquid Alternative UCITS Index gained +1.51% through mid-September.

Comments reference performance figures as of September 15th, 2025