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In September, global financial markets posted sharp declines as bond yields increased under the expectation the US Federal Reserve may have additional rate increases in 2023. Growth, technology, and retail led global equities declines. Regional gains in the UK partially offset index declines led by Germany, France, and Hong Kong. The US Dollar strengthened against most currencies. Oil led Commodity gains as Energy surged; Silver led Metals declines while Soybeans led Agricultural declines.
The HFRU Hedge Fund Composite Index posted a decline of -0.39% in September.

HFRU Macro Index gained +0.30%
HFRU Event Driven Index gained +0.24%
HFRU Equity Hedge Index posted a decline of -0.59%
HFRU Relative Value Index declined -1.05%

Comments reference performance as reported on September 29, 2023.