---

Global financial markets posted gains through mid-May, as investors positioned for positive developments in global trade and tariff negotiations, anticipating stronger economic growth in the second half of 2025. Equity markets strengthened, with reduced volatility contributing to a full recovery in some large-cap U.S. indices, reflecting positive year-to-date performance. Regional market gains were led by Germany, Italy, and Japan. Interest rates rose, driven primarily by shorter-maturity bonds, while the U.S. dollar gained against most major currencies. Among commodities, oil, aluminum, platinum, and wheat recorded the strongest gains.

The HFRI-I Liquid Alternative UCITS Index gained +1.42% through mid-May.

Comments reference performance figures as of May 15th, 2025