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In November, global financial markets delivered mixed performance as volatility rose from prior months, driven in part by sharp declines in cryptocurrencies and by a broader tension between expectations for lower interest rates and concerns about valuation and sustainability of continued AI-related technology spending. Global equities fluctuated throughout the month, alternating between gains and losses across regions and sectors. Shorter-dated interest rates fell amid increased volatility and growing expectations for a U.S. Federal Reserve rate cut, while longer-dated yields were little changed. The U.S. dollar declined against most major currencies. Commodities were similarly mixed, with gains in Natural Gas and Silver offset by weakness in Oil and Cocoa.

The HFRI-I Liquid Alternative UCITS Index posted a gain of +0.10% in November.

• HFRI-I Relative Value Index gained +0.17%
  
• HFRI-I Equity Hedge Index gained +0.11%
• HFRI-I Event Driven Index gained +0.03%
• HFRI-I Macro Index gained +0.02%

Comments reference performance as of November 28, 2025