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In November, global financial markets gained as inflation data showed signs of moderation and the Federal Reserve suggesting a slowdown of future interest rate increases. Global equity markets gained led by Technology and Telecom sectors; European gains were led by Germany & Italy, while Hong Kong & Taiwan led Asian gains. Interest rates posted sharp declines led by shorter dated maturities as the yield curve inversion moderated; the US Dollar fell against most currencies. Commodity gains were led by Platinum & Silver; Natural Gas gained while Oil fell in November. In Agricultural commodities, Cotton posted a sharp increase which was offset by a decline in Wheat.
The HFRU Hedge Fund Composite Index posted a gain of +1.22% in November.

HFRU Equity Hedge Index gained +2.30%
HFRU Event Driven Index posted a decline of -0.36%
HFRU Macro Index declined -0.75%
HFRU Relative Value Arbitrage Index gained +1.46%

Comments reference revised performance figures as published on December 9, 2022.