02/20/2023 Performance Notes

Global financial markets posted mixed performance through mid-February with gains led by US equities. Bonds and commodities declined as investors positioned for moderating but persistent inflation and continued economic uncertainty. Equity market gains were led by US Technology & Cyclicals; European equities posted more moderate gains while Asian equities were mixed. Interest rates rose across most maturities as the Federal Reserve raised rates, while the US Dollar gained against most currencies. Commodities fell led by Platinum, Silver, Natural Gas, and Oil.
Hedge Funds posted mixed performance with the HFRX Global Hedge Fund Index falling -0.13%. Narrow gains in Equity Hedge and Macro were offest by slight declines in Event Driven and Relative Value Arbitrage.

HFRX Macro Index gained +0.37%
HFRX Equity Hedge Index gained +0.11%
HFRX Relative Value Arbitrage Index declined -0.22%
HFRX Event Driven Index declined -0.65% MTD

Comments reference performance figures as of February 20th, 2023