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Global financial markets experienced a volatile and eventful first half of June, during which equities and fixed income ultimately delivered mixed performance. Market activity was punctuated by a sharp sell-off and subsequent recovery in Technology and AI-related equities, positive developments in the Iran military conflict that contributed to a sharp decline in Oil prices, and the record IPO of SpaceX, which marked the beginning of what is expected to be a record IPO cycle through mid-2026. Equity gains were led by Technology, which recovered from an intramonth decline to reach new record highs. Interest rates ended the period little changed after rising at the start of the month and falling back through mid-June. The U.S. dollar was mixed against most major currencies, while the steep decline in Oil prices led commodity losses.

The HFRI-I Liquid Alternative UCITS Index gained +0.60% through mid-June.

Comments reference performance figures as of June 15th, 2026