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In December, global financial markets delivered mixed performance, concluding a strong year of gains across most asset classes. Market returns continued to be supported by expectations for sustained AI-related spending and lower interest rates, partially offset by concerns around AI valuations and persistent inflation pressures. Global equity markets posted muted gains during the month, with most U.S. indices essentially flat, while international markets recorded narrow gains. Interest rates rose as economic growth remained firm and investors expressed uncertainty regarding the number of interest-rate cuts likely in 2026. The U.S. dollar declined against most major currencies. Commodities were mixed, with metals surging to lead gains – driven by Platinum and Silver – while Natural Gas recorded steep declines, Oil prices fell, and agricultural commodities delivered mixed results.

The HFRI-I Liquid Alternative UCITS Index posted a gain of +0.89% in December and +9.95% for 2025.

• HFRI-I Macro Index gained +1.89% in December and +5.78% for 2025
• HFRI-I Event Driven Index gained +1.06% in December and +7.32% for 2025
• HFRI-I Equity Hedge Index gained +0.63% in December and +13.00% for 2025
• HFRI-I Relative Value Index gained +0.59% in December and +7.93% for 2025
  

Comments reference performance as of January 2, 2026