HFRX INDICES MID-FEBRUARY 2025 PERFORMANCE NOTES

Global financial markets gained through mid-February as investors continued to position for policy changes relating to global trade and immigration. Technology, energy, and cyclicals led global equity markets, while Germany, Spain, and China led regional market gains. Interest rates increased, led by increases in shorter-dated maturities, and the US Dollar declined against most currencies. A surge in Natural Gas led all commodity gains, while Copper, Gold, Coffee, and Hogs also gained.

Hedge funds gained through mid-February, with the HFRX Global Hedge Fund Index gaining +0.41%.

• HFRX Macro Index gained +0.56%
• HFRX Relative Value Index gained +0.48%
  
• HFRX Event Driven Index gained +0.36%
• HFRX Equity Hedge Index gained +0.33%

Comments reference performance figures as of February 17th, 2025