---

Global financial markets advanced through mid-August, supported by strong corporate earnings, expectations of lower interest rates, and growing optimism for economic growth in the second half of the year. Equity markets posted broad-based gains across most sectors and regions, led by technology, growth, emerging markets, and small-cap stocks. Interest rates declined, while the U.S. dollar strengthened against most major currencies. In commodities, platinum, silver, and coffee led the gains, while oil and natural gas posted declines.

The HFRI-I Liquid Alternative UCITS Index gained +1.07% through mid-August.

Comments reference performance figures as of August 15th, 2025