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Global financial market declines accelerated through mid-October as investors positioned for the increased likelihood of a recession, and geopolitical tensions over the Russian war in Ukraine reached the highest level in 50 years. Global equity markets extended steep declines from the prior 2 months with losses led by Growth, Technology, Real Estate, & Cyclicals; regional losses were led by the U.K., Russia, and Hong Kong. Interest rates posted sharp increases led by shorter dated maturities as the US yield curve remained inverted, while the US Dollar extended gains against the British Pound, Swiss Franc, Japanese Yen, Euro, and commodity currencies. Commodities declines were led by Silver, Natural Gas, & Cotton.
The HFRI-I Liquid Alternative UCITS Index gained +0.26% through mid-October. Comments reference performance figures as of October 14, 2022