10/14/2022 Performance Notes

Global financial market declines accelerated through mid-October as investors positioned for the increased likelihood of a recession, and geopolitical tensions over the Russian war in Ukraine reached the highest level in 50 years. Global equity markets extended steep declines from the prior 2 months with losses led by Growth, Technology, Real Estate, & Cyclicals; regional losses were led by the U.K., Russia, and Hong Kong. Interest rates posted sharp increases led by shorter dated maturities as the US yield curve remained inverted, while the US Dollar extended gains against the British Pound, Swiss Franc, Japanese Yen, Euro, and commodity currencies. Commodities declines were led by Silver, Natural Gas, & Cotton.
Hedge funds postedmixed performance led by gains in Macro & Equity Hedge strategies with the HFRX Macro: Systematic Diversified CTA Index gaining +1.55%, and the HFRX Absolute Return index gaining +0.10%. The HFRX Global Hedge Fund Index gained +0.03% MTD.

HFRX Macro/CTA Index gained +0.83%

HFRX Equity Hedge Index gained +0.19%
HFRX Event Driven Index declined -0.34%
HFRX Relative Value Arbitrage Index declined -0.34% MTD

Comments reference performance figures as of October 14, 2022