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In May, global financial markets gained, led by Technology equities and falling interest rates, largely reversing equity declines and interest rate increases from the prior month. Technology, small-caps, and commodity-sensitive sectors led Global equity market gains; Germany, Hong Kong, and Taiwan led regional gains. Interest rates declined as the US Dollar weakened against most currencies, and investors positioned for rate cuts by the US Federal Reserve in the 2nd half of 2024. Metals led all commodity gains, with Silver leading. Natural Gas led Energy commodities, and Wheat and Soybeans led Agricultural commodity gains.

The HFRU Hedge Fund Composite Index posted a gain of +0.79% in May.

• HFRU Equity Hedge Index posted a gain of +1.25%
• HFRU Relative Value Index gained +1.01%
• HFRU Event Driven Index gained +0.63%
• HFRU Macro Index declined -0.27%

Comments reference performance as reported on May 31, 2024.