04/17/2024 Performance Notes

Global financial markets declined through mid-April as economic data showed continued inflationary pressure, and investors positioned for interest rates to remain higher throughout 2024. Global equity markets declined on the reduced expectation for interest rate cuts, with small caps, Energy, and Financials leading sector declines; Spain, Switzerland, and Korea led regional declines as the UK posted a narrow gain. Interest rates increased as economic data showed persistent inflation, while the US Dollar gained against most currencies. Silver and Copper led Metal commodity gains, Oil led Energy commodity gains, and Coffee, Rice, and Cocoa led Agricultural commodity gains.

Hedge Funds posted mixed performance led by Macro strategies, with the HFRX Global Hedge Fund Index declining -0.31% through mid-April.

  • HFRX Macro Index gained +0.27% MTD.
  • HFRX Event Driven Index declined -0.32%
  • HFRX Equity Hedge Index declined -0.47%
  • HFRX Relative Value Index declined -0.48% for the month.

Comments reference performance figures as of April 15th, 2024