(Opalesque) The Eurekahedge Hedge Fund Index was up 1.10% in May 2021, supported by the robust performance of the global equity market as represented by the MSCI ACWI (Local) which gained 0.83% over the same period. Headline inflation rose to 4.2% year on year in April, the highest level since September 2008 and caused concerns among investors that this could prompt the Federal Reserve to tighten monetary policy.