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In October, global financial markets posted gains despite the continuation of generational inflation and expectations for further interest rate increases by the Federal Reserve. Equity gains were led by US large caps, with the DJIA surging to the strongest monthly gain in over 40 years and the S&P 500 and Nasdaq also posting positive performance for October. Italy, France, Germany, & Korea led regional gains. Interest rates rose for the month, led by increases in long-dated maturities as the yield curve steepened; the US Dollar was mixed, falling against the Euro and British Pound while gaining against the Swiss Franc and Japanese Yen. Commodities were mixed, with Energy gains led by Oil and Metal gains led by Platinum. Agricultural commodity losses were led by Cotton & Coffee.
The HFRU Hedge Fund Composite Index posted a gain of 0.73% in October.

HFRU Equity Hedge Index gained +1.11%
HFRU Event Driven Index posted a gain of +1.00%
HFRU Macro Index declined -0.41%
HFRU Relative Value Arbitrage Index gained +0.96%

Comments reference performance as reported on October 31, 2022.