The Eurekahedge Hedge Fund Index slumped 0.63% in May as hedge fund managers struggled to generate returns during the risk-off month. According to Eurekahedge, the Trump administration's decision to raise tariffs on $200bn of Chinese imports signalled the escalation of the trade conflict between the US and China, leading to retaliatory tariffs from the other side. The worsening global economic outlook pushed global equities into the red for the month, as indicated by the 6.12% decline posted by the MSCI ACWI (Local).