---

In September, global financial markets gained despite the escalation of military conflicts in Eastern Europe & the Middle East. Positive performance can be partly attributed to the US Federal Reserve’s decision to lower interest rates, prompting investors to position themselves for further rate cuts. Technology and cyclicals led global equity market gains, while healthcare and energy sectors led declines. As interest rates decreased due to the Fed’s response to moderating inflation, the US Dollar weakened against most currencies. Natural Gas led all commodity performance while other commodities had mixed performance. Copper, Silver, and Sugar led commodity gains, while Oil led declines.

The HFRU Hedge Fund Composite Index gained +0.72% in September.

• HFRU Macro Index gained +1.18%
• HFRU Relative Value Index gained +0.98%
• HFRU Equity Hedge Index gained +0.53%
• HFRU Event Driven Index posted a gain of +0.13%

Comments reference performance as reported on September 30, 2024.