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As inflationary pressures continued to build and employment markets remained tight, global financial markets gained for October and recovered most of the prior month declines. Global equity market gains were led by US large caps; Energy & Commodity-sensitive led sector gains; European equity gains were led by France, Italy and the Netherlands, while Asian equities were mixed. US interest rates increased by shorter and mid-duration maturities, while longer dated yields declined as the yield curve flattened. The US Dollar was mixed, gaining against the Euro & Japanese Yen, while falling against the British Pound & Swiss Franc. Commodity gains were again led by Oil which spiked higher, Copper & Silver led gains in Metals, while gains in Wheat & Cotton were offset by declines in Lean Hogs.
The HFRU Hedge Fund Composite Index gained +0.90% in October.

HFRU Equity Hedge Index gained +1.08%
HFRU Event Driven Index gained +0.57%
>HFRU Macro Index posted a gain of +1.01%
HFRU Relative Value Arbitrage Index gained +0.33%

Comments reference performance as reported on November 1, 2021