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In April, global financial markets experienced heightened volatility as investors positioned for tariff driven uncertainty regarding supply chain disruptions, export controls, and signs of slowing economic growth. However, volatility eased toward the end of the month amid signs of progress in trade negotiations. Investor sentiment gradually shifted, with increased focus on potential tax cuts, steady corporate earnings, and the prospect of interest rate cuts. Equity markets traded within a wide range throughout the month. Growth and large-cap technology stocks suffered significant intra-month losses but largely rebounded by month-end. The Nasdaq closed with a modest gain, while the S&P 500 and DJIA posted slight declines. Sector performance was mixed, with energies leading declines. European and Asian equity markets also showed mixed results. Long-term interest rates rose while short-term rates declined, and the U.S. dollar weakened sharply in April. Commodities also declined broadly, with oil, natural gas, copper, silver, and rubber leading the way.

The HFRI-I Liquid Alternative UCITS Index posted a gain of +0.03% in April.

• HFRI-I Equity Hedge Index gained +1.08%
  
• HFRI-I Event Driven Index gained +0.13%
• HFRI-I Relative Value Index gained +0.09%
• HFRI-I Macro Index declined -3.06%

Comments reference performance as of April 30, 2025