Clearly this has been a horrible start to the year and I am not talking about performance. Our hearts go out to all those in Ukraine and everyone impacted by this appalling tragedy.
In such an environment, markets careered from risk-on and risk-off, then to just risk-off when Russian marched into Ukraine and the situation deteriorated dramatically. Commodities soared and what had been a 2R concern, namely rates and Russia, is now all about Russia and fundamentals are firmly playing second fiddle.
For investors, unless they have been long commodities, these have been tricky markets to navigate but the sector held up well, with the HFRI Fund Weighted Composite Index up 0.6% and Asset Weighted up 1.1%.
In this edition, we take a look at performance, fees, crypto, PE goings-on, and offer a few thoughts on writing fund reviews in the more difficult months. We also have excellent update from Matt Raver and the RQC team on sanctions obligations, new rules on private fund and more.