HFRX INDICES JULY 2026 PERFORMANCE NOTES

Global financial markets declined in July, with losses primarily driven by Technology and AI exposures as geopolitical risk increased with heightened uncertainty surrounding the resolution of the Iran military conflict. Equity markets posted mixed performance, with declines concentrated in Technology, AI, and Semiconductor sectors, which pulled back from strong year-to-date gains entering July. Interest rates increased as energy prices rose, which were driven by escalating geopolitical tensions. The U.S. dollar weakened against most major currencies. In commodities, oil led gains; aluminum and agricultural commodities also increased.

HFRX Global Hedge Fund Index declined -1.13% in July 2026.

HFRX Event Driven Index declined -0.45% 

HFRX Relative Value Index declined -0.49%

HFRX Macro Index declined -1.52% 

HFRX Equity Hedge Index declined -2.11% 

Comments reference performance as of July 31, 2026