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Global financial markets began 2026 with gains, navigating high volatility as geopolitical risk increased. The strong performance trends from 2025 extended into the new year and were led by small-cap exposures and commodities. Global equity markets posted muted gains amid heightened volatility, driven by strength in small-cap stocks, energy and commodity-sensitive sectors, and emerging markets. Interest rates were little changed for the month as investors focused on the transition in Federal Reserve leadership and strong economic data. The U.S. dollar declined against most major currencies. Commodities delivered strong gains amid elevated volatility, led by Natural Gas, Oil, and Silver.

The HFRI-I Liquid Alternative UCITS Index posted a gain of +2.31% in January.

• HFRI-I Equity Hedge Index gained +3.01%
  
• HFRI-I Macro Index gained +2.42%
• HFRI-I Event Driven Index gained +1.47%
• HFRI-I Relative Value Index gained +1.04%

Comments reference performance as of February 3, 2026