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March 2026 performance notes

In March, global financial markets declined sharply as volatility spiked, driven by a surge in geopolitical risk and oil prices following the escalation of the military conflict in Iran. Oil rose 40% for the month, while interest rates also increased, led by short-term yields. The U.S. dollar strengthened against most major currencies. Global equities posted sharp losses for the month, despite a strong rally on the final trading day driven by optimism around potential de-escalation. The historic surge in Oil led commodity gains, while Gold and Silver posted sharp declines.

The HFRI-I Liquid Alternative UCITS Index posted a decline of -3.30% in March.

• HFRI-I Event Driven Index declined -1.64%
• HFRI-I Relative Value Index declined -2.24%
• HFRI-I Macro Index declined -3.55%
• HFRI-I Equity Hedge Index declined -3.99%
  

Comments reference performance as of March 31, 2026