Quarterly Commentary

Q2 | 2020

FIXED INCOME COMMENTARY

US treasury yields were largely unchanged in 2Q of 2020. Yields from the 1-month tenor to the 2-year tenor hovered around 12-15bps. The 10-year UST yield stayed constant at 0.66%, while the yield on the 30-year UST rose 9bps to 1.41%. The Bloomberg Barclays Aggregate Bond index appreciated 2.9% in the second quarter. US High

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ALTERNATIVE INVESTMENT COMMENTARY*

Like other risk assets, alternatives rebounded during the second quarter with the HFRI Fund-of-Funds Composite Index advancing by 7.2%. Global markets rallied as economies around the world started to ease COVID lock downs and central banks continued to provide support. Specifically, ‘Equity Hedged’ and ‘Event Driven’ strategies were among the best performing alternative strategies following

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Q1 | 2020

FIXED INCOME COMMENTARY

Credit markets endured significant stress during the first quarter. On a high level, investors quickly tried to sell all types of credit instruments and go to cash. This behavior created a negative feedback loop where indiscriminate selling caused lower prices, which led to more selling and so on. During the worst week, investors were not

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ALTERNATIVE INVESTMENT COMMENTARY*

Hedge funds started the year with declines as the HFRI Fund-of-Funds Composite Index fell by 7.3% during the first quarter. Equity and Fixed Income markets experienced steep losses during the quarter as countries all over the world went into lockdown to try and contain the spread of Covid-19. Specifically, ‘Event Driven’ and ‘Equity Hedged’ strategies

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