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Global financial markets declined through mid-March as Oil surged to more than $100 per barrel, an increase of over 40% for the month, following an escalation in the military conflict in Iran, which heightened global geopolitical tensions and financial market volatility. Equity markets declined across most regions and sectors, with Emerging Markets experiencing particularly steep losses. U.S. interest rates rose and the U.S. dollar strengthened against most major currencies. In commodities, Natural Gas advanced alongside the surge in Oil, while most metals declined.

Hedge funds posted declines led by equity hedge strategies, with the HFRX Global Hedge Fund Index declining -2.10%.

• HFRX Relative Value Index declined -0.89%
• HFRX Event Driven Index declined -1.63%
• HFRX Macro Index declined -3.01%
• HFRX Equity Hedge Index declined -3.12%

Comments reference performance figures as of March 16th, 2026