---

In March, global financial markets experienced sharp declines as tariff volatility and heightened uncertainty led to significant losses in large-cap technology stocks and cryptocurrencies. The US equity market led the downturn, with the technology sector and small-cap stocks suffering the largest losses. In Europe, France and the UK saw the largest declines. Emerging Markets, however, posted gains, driven by Brazil and China. Interest rates fell, particularly for shorter-term maturities, while long-term rates saw a slight increase. The US Dollar weakened against most major currencies. Commodities, including Copper, Silver, Cattle, Cotton, and Natural Gas, saw notable gains for the month.

The HFRU Hedge Fund Composite Index declined -1.07% in March.

• HFRU Event Driven Index declined -0.63%
• HFRU Equity Hedge Index declined -0.83%
• HFRU Relative Value Index declined -0.97%
• HFRU Macro Index declined -1.86%

Comments reference performance as reported on March 31, 2025.