---

Global financial markets declined in September as investors focused on upcoming US elections as well as continued challenges to reopening businesses as a result new virus cases. Led by Energy & Financials sectors, global equity markets declined for the months, though pared intra-month declines into month end. US interest rates declined on near term uncertainty and commitment of US Federal Reserve to maintain low rates until inflation targets are reached. The US dollar gained against the British Pound, Euro and Swiss Franc though declined against the Japanese Yen, while commodity declines were led by Oil, Silver & Platinum; agricultural commodities were mixed with gains led by spike in Lean Hogs. UCITS hedge fund strategies declined in September with the HFRU Hedge Fund Composite Index declining -0.58% for the month.

HFRU Equity Hedge Index declined -0.48% in September
HFRU Event Driven Index declined -0.18%
HFRU Macro Index posted a decline of -1.10%
HFRU Relative Value Arbitrage Index declined -0.40%

Comments reference performance as of September 30, 2020