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In April, global financial markets staged a historic recovery, rebounding from the sharp volatility-driven declines of the prior month. Risk-on sentiment strengthened on positive developments surrounding the Iran military conflict, alongside renewed optimism toward Technology and AI-related investment. Global equity markets posted strong gains, led by Emerging Markets and the Technology sector, while Oil declined. Interest rates were little changed for the month as lower, but still elevated, Oil prices tempered expectations for significant interest-rate cuts. The U.S. dollar weakened against most major currencies. Although Oil declined during the month, prices remained above pre-conflict levels, and the near-term outlook remained highly uncertain due to ongoing supply disruptions.

The HFRI-I Liquid Alternative UCITS Index posted a gain of +3.84% in April.

• HFRI-I Equity Hedge Index gained +5.61%
• HFRI-I Macro Index gained +2.74%
• HFRI-I Event Driven Index gained +2.18%
• HFRI-I Relative Value Index gained+1.63%

Comments reference performance as of April 30, 2026