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Global financial markets posted strong gains through mid-April, driven by optimism surrounding a near-term and favorable resolution of the Iran military conflict and the Strait of Hormuz energy supply disruption. These gains largely reversed the sharp declines recorded in the prior month. Global equity markets advanced in a sharp rebound from March losses, as Oil prices fell significantly, supporting equities and pushing major indices to record highs while interest rates declined. Oil led commodity declines, while metals posted gains. The U.S. dollar weakened against most major currencies.

The HFRI-I Liquid Alternative UCITS Index gained +3.28% through mid-April.

Comments reference performance figures as of April 15th, 2026