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In March, global financial markets declined sharply as volatility spiked, driven by a surge in geopolitical risk and oil prices following the escalation of the military conflict in Iran. Oil rose 40% for the month, while interest rates also increased, led by short-term yields. The U.S. dollar strengthened against most major currencies. Global equities posted sharp losses for the month, despite a strong rally on the final trading day driven by optimism around potential de-escalation. The historic surge in Oil led commodity gains, while Gold and Silver posted sharp declines.

The HFRU Hedge Fund Composite Index declined -3.50% in March.

• HFRU Relative Value Index declined -2.05%
• HFRU Event Driven Index declined -2.98%
• HFRU Equity Hedge Index declined -3.77%
• HFRU Macro Index declined -4.69%

Comments reference performance as reported on March 31, 2026