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Global financial markets posted mixed performance in January, as early month gains on resolution of the US political transition were reversed through volatile trading dominated by strong retail demand in deep value equities. Technology & small cap led US gains while large cap & cyclicals led declines; by regions France & Germany led declines while Asian markets were also mixed. US rates increased on expectations for more stimulus borrowing, while the US dollar gained vs most major currencies. Oil again led commodity gains, Metals were mixed while Corn & Soybeans led commodity gains.
The HFRU Hedge Fund Composite Index declined -0.15% in January.

HFRU Equity Hedge Index posted a modest decline of -0.07%
HFRU Event Driven Index gained +0.78%
HFRU Macro Index declined -0.80%
HFRU Relative Value Arbitrage Index advanced +0.27%

Comments reference performance as of January 29, 2021