Quarterly Commentary

Q2 | 2020

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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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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