---

In January, global financial markets surged to begin 2023 with gains driven by falling interest rates and a slowing of the inflationary pressures that defined 2022. Global equity markets surged led by US Technology, Growth, and Cyclicals; regional gains were strong across Emerging Markets, Developed Europe, and Asia. Interest rates declined on slowing inflationary pressures despite expectations for continued increases by the US Federal Reserve. The US Dollar fell against most currencies. Aluminum, Copper, and Lumber led Agricultural gains while Natural Gas posted a sharp decline.
The HFRI-I Liquid Alternative UCITS Index posted a gain of +2.11% in January.

HFRI-I Equity Hedge Index gained +2.89%
HFRI-I Event Driven Index gained +0.61%
HFRI-I Macro Index gained +1.01%
HFRI-I Relative Value Arbitrage Index gained +2.10%

Comments reference performance as of January 31, 2023