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Global financial markets declined through mid-November as volatility increased and risk sentiment shifted sharply from several months of risk-on positioning to a more defensive stance. The reversal was driven primarily by concerns over the sustainability and profitability of continued AI-related spending, as well as uncertainty surrounding a potential interest-rate cut from the U.S. Federal Reserve in December. Equity markets declined led by Technology and AI-focused sectors. Interest rates rose modestly through mid-month, while the U.S. dollar was little changed against major currencies. Commodities delivered mixed performance: Oil, Aluminum, and Cattle declined, while Natural Gas, Silver, and Soybeans posted gains.

The HFRI-I Liquid Alternative UCITS Index declined -0.33% through mid-November.

Comments reference performance figures as of November 14th, 2025