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In May, global financial markets delivered mixed performance as AI and Technology shares helped drive equity markets to record highs, while Oil posted sharp declines on positive developments surrounding a resolution to the Iran military conflict and the Strait of Hormuz energy supply disruption. Global equity markets advanced, led by Semiconductors and AI-related sectors, as investors positioned for a potentially record-setting IPO cycle in the middle of the year. Interest rates rose amid persistently elevated prices, while the U.S. dollar strengthened. Oil fell sharply but continued to trade within a wide and volatile range, driven by ongoing negotiations related to Iran and the Strait of Hormuz.

The HFRI-I Liquid Alternative UCITS Index posted a gain of +2.18% in May.

• HFRI-I Equity Hedge Index gained +3.09%
• HFRI-I Macro Index gained +2.24%
• HFRI-I Event Driven Index gained +1.13%
• HFRI-I Relative Value Index gained+0.62%

Comments reference performance as of May 29, 2026