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In October, global financial markets advanced as AI partnerships and infrastructure investments continued to dominate corporate special situations, while both interest rates and geopolitical risk declined amid a Federal Reserve rate cut and an improving fourth-quarter economic outlook. Global equities posted gains on the back of strong corporate earnings, once again led by the Technology sector, with additional contributions from other sectors including Financials. Interest rates declined following the Fed’s policy move, though the U.S. dollar strengthened against most major currencies. Natural gas surged to lead commodity gains along with aluminum and soybeans, while oil prices fell.

The HFRU Hedge Fund Composite Index gained +0.65% in October.

• HFRU Equity Hedge Index gained +0.74%
• HFRU Relative Value Index gained +0.73%
• HFRU Macro Index gained +0.61%
• HFRU Event Driven Index gained +0.05%

Comments reference performance as reported on October 31, 2025.