---

Global financial markets delivered mixed performance in June, trading within a wide and volatile intramonth range as investors positioned for the record IPO of SpaceX and other offerings expected through midyear. Global equity markets also posted mixed results, as Technology and AI-related sectors oscillated between risk-on and risk-off sentiment, while also responding favorably to falling Oil prices and positive developments in the Iran military conflict. Short-duration interest rates rose, while longer-dated maturities were little changed, as inflationary pressures remained a key focus for investors. The U.S. dollar strengthened against most major currencies. Oil posted a sharp decline, leading commodity declines. Gold and other metals also declined, while agricultural commodities delivered mixed performance.

Hedge Funds gained in June, with the HFRX Global Hedge Fund Index gaining +0.63% for the month.

HFRX Equity Hedge Index gained +1.70% for the month from gains in fundamental growth, value, and market neutral strategies. The HFRX Fundamental Value Index gained +1.95% from gains seen in large-cap US and European equities. The HFRX Equity Market Neutral Index gained +1.81% from gains in mean reverting, factor-based strategies. The HFRX Fundamental Growth Index gained +1.28% from gains concentrated in small-cap US and European equities.

HFRX Event Driven Index gained +0.57% in June from gains in special situations managers offset by declines in merger arbitrage strategies. The HFRX Special Situations Index gained +0.64% from gains in exposure to global, catalyst-driven fundamental value equities. The HFRX Merger Arbitrage Index declined -0.36% as M&A deals continued through June and equity markets posted a mixed performance.

HFRX Relative Value Index gained +0.27% for the month from gains in multi-strategy managers and convertible arbitrage strategies. The HFRX RV: Multi-Strategy Index gained +0.28% as shorter-dated interest rates rose and longer-dated rates were little changed. The HFRX Convertible Arbitrage Index gained +0.12% as volatility increased in June.

HFRX Macro Index declined -0.88% in June from declines in systematic trend-following managers. The HFRX Macro Systematic/CTA Index declined -1.36% as the U.S. dollar strengthened against major currencies. Commodities posted a mixed performance, with cocoa and coffee leading gains while oil and aluminum led commodity declines.

Comments reference performance figures as of June 30, 2026