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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 HFRU Hedge Fund Composite Index gained +1.55% in May.

• HFRU Macro Index gained +1.80%
• HFRU Equity Hedge Index gained +1.72%
• HFRU Event Driven Index gained +1.51%
• HFRU Relative Value Index gained +0.98%

Comments reference performance as reported on May 29, 2026