July 2026 preliminary hedge fund performance report

The bank for a changing world BNP PARIBAS PRIME SERVICES Marlin Naidoo Global Head of Capital Introduction Lloyd Mendonca Capital Introduction, Asia Pacific Murray Jallands Capital Introduction, Europe CAPITAL INTRODUCTION | AUGUST 2026

JULY 2026 PRELIMINARY HEDGE FUND PERFORMANCE UPDATE ▪ Hedge funds were down on average -0.62% (-0.85% asset weighted) in July while MSCI World was up 0.53% the Bloomberg GlobalAgg was down - 0.53% and Bloomberg Global EQ:FI 60:40 Index was up 0.01% ▪ Hedge funds are up on average 5.39% (6.45% asset weighted) YTD while MSCI World was up 10.54%, the Bloomberg GlobalAgg was down -0.75% and Bloomberg Global EQ:FI 60:40 Index was up 5.89%. ▪ Top quartile managers were up 0.73% for the month and 8.95% YTD. ▪ The Statistical Arbitrage (up 4.52%) and Quant Equity Directional (up 3.55%) sub-strategies ensured Quant Equity (up 2.66%), alongside Alternative Risk Premia (up 3.54%) were the top performers, while Equity Long Short Market Neutral was the bottom performer, down -2.45% in July. ▪ Quant Equity Statistical Arbitrage is the top performer for the year up 10.60% followed by Alternative Risk Premia up 9.07% while Discretionary Macro is the bottom performer up 2.23% YTD. ▪ On average, hedge funds generated 1.61% alpha for the rolling twelve-month period versus MSCI World. During this time-period, Alternative Risk Premia generated the highest alpha of 10.83% followed by Quant Equity at 7.33%. Strategy July 2026 2026 YTD Quant Equity 2.66% 6.61% Quant Equity Directional 3.55% 6.55% Quant Equity Market Neutral 1.47% 4.33% Statistical Arbitrage 4.52% 10.60% Quantitative Quant Macro 0.38% 7.51% Quant Multi Strategy 1.29% 4.88% CTA -0.72% 5.40% Alternative Risk Premia 3.54% 9.07% Equity L/S -2.25% 6.77% Directional -2.21% 8.21% Market Neutral / Low Net -2.45% 2.51% Credit 0.01% 2.86% Event Driven 0.14% 6.52% Discretionary Convertible Trading -0.03% 6.08% Volatility Trading 0.43% 3.46% Macro -0.91% 2.23% Multi Strategy -0.98% 5.18% Multi PM -1.19% 4.25% All Funds -0.62% 5.39% Strategy July 2026 2026 YTD Global -1.17% 7.45% Americas -2.09% 9.57% Regional Equity Europe -1.28% 1.95% Asia Pacific -6.11% 7.79% Global 0.02% 2.50% Americas -0.31% 2.50% Regional Credit Europe -0.08% 2.05% Asia Pacific * * Source: BNP Paribas Capital Introduction. The tables represents 544 total data points. * indicates not enough data reported to calculate the average.

Such data is derived generally from performance updates from hedge funds, conversations with industry practitioners and various news sources. The returns represented above will likely change as we gather more data over the month. Please refer to the latest performance report for updated numbers.

JULY 2026 MARKET COMMENTARY Echoing the choppiness of June, July saw unwinds in momentum and crowded trades, particularly concentrated in downstream AI sectors such as chipmakers. Downturns were especially acute in some local markets, but rotation rather than collapse was the flavour of the month, with just as many markets demonstrating resilience. Geopolitical tensions simmered on, with a concrete resolution to conflict in the Middle East remaining elusive. ▪ The most dramatic movements in equity markets were saved until to the direction the FOMC will take at their September meeting. the second half of the month. Crowded trades suffered most, ▪ Elsewhere monetary policy continued to be in line with especially in AI-related sectors and most notably downstream into expectations, with a hawkish tilt. Lagarde of the ECB gave off a chipmakers. This contrasted with the start of the month where hawkish tone in the July meeting, strengthening conviction that there was high volatility under the surface as positioning unwound September will see a hike. The Bank of England is similarly in certain names but headline numbers were relatively stable. expected to deliver a hike at this time. ▪ Some local markets were especially hit by the AI-related selloff. ▪ This more hawkish tilt led to a steepening of the yield curve, with Most notable amongst these is Korea, where the KOSPI lost over pressure especially on the long end, leading US Treasury yields 20%, tumbling from the record highs…