The investable HFRI 500 Fund Weighted Composite Index, which includes funds across all regions in both Emerging and Developed markets, declined -1.4 percent YTD through May, with gains in uncorrelated Macro strategies offset by declines in higher beta Equity Hedge exposures. The HFRI 500 Macro Index has surged +14.3 percent YTD through May, while the HFRI 500 Equity Hedge Index has declined -9.1 percent over the first five months of the year. Total Emerging Markets hedge fund assets declined to $258.3 billion in 1Q22, down from the year end 2021 AUM record of $276.4 billion. While Russian-focused hedge funds plunged to begin 2022, other EM regions posted mixed performance as oil prices spiked.