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Investors reduced risk late in the month on rising uncertainty regarding the Omicron coronavirus variant causing global financial markets to decline in November. Global equity markets declined led by small caps and Energy sectors, European declines were led by Germany & Spain while Asian declines were led by Hong Kong & Singapore. Interest rates declined on flight to quality with longer duration yields falling more relative to shorted dated, while the US Dollar was mixed gaining against the British Pound Sterling and Euro though declining against the Swiss Franc & Japanese Yen. Commodity declines were led by Oil & Natural Gas; Metals also declined led by Platinum while Agricultural commodities were mixed with gains in Lumber offset by declines in Cocoa.
The HFRU Hedge Fund Composite Index posted a decline of -1.40% in November.

HFRU Equity Hedge Index declined -1.65%
HFRU Event Driven Index declined -0.52%
HFRU Macro Index posted a deline of -1.61%
HFRU Relative Value Arbitrage Index declined -0.70%

Comments reference performance as reported on December 1, 2021