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Global financial markets advanced through mid-August, supported by strong corporate earnings, expectations of lower interest rates, and growing optimism for economic growth in the second half of the year. Equity markets posted broad-based gains across most sectors and regions, led by technology, growth, emerging markets, and small-cap stocks. Interest rates declined, while the U.S. dollar strengthened against most major currencies. In commodities, platinum, silver, and coffee led the gains, while oil and natural gas posted declines.

Hedge funds gained through mid-August, with the HFRX Global Hedge Fund Index gaining +0.84%.

• HFRX Macro Index gained +1.55%
  
• HFRX Equity Hedge Index gained +1.08%
• HFRX Relative Value Index gained +0.54%
  
• HFRX Event Driven Index gained +0.47%

Comments reference performance figures as of August 15th, 2025