Quarterly Commentary

Q1 | 2020

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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EQUITY COMMENTARY

The S&P 500 closed the first quarter of 2020 down 19.6%, its worst three-month start to a calendar year on record. After closing at record highs on February 19th, the S&P ended March 23.5% below the all-time high levels. The magnitude and speed of the sell-off was unprecedented as investors quickly wrestled with the reality

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Q4 | 2019

ALTERNATIVE INVESTMENT COMMENTARY*

The alternative sector ended the year on a positive note as the HFRI Fund-of-Funds Composite Index rose by 2.1% during the fourth quarter and 8.3% for 2019, which is the index’s best performance since 2013. Global markets closed the year on a positive note as the Federal Reserve cut interest rates by 25 basis points

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FIXED INCOME COMMENTARY

While the equity markets roared ahead, the US treasury curve steepened during the fourth quarter. Short term yields in the two-year range fell, while longer term yields rose. The Federal Reserve drove these movements in rates as the markets priced the expectation of continued low overnight rates. The 10-year treasury yield rose 25bps from 1.66%

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