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Global financial markets surged to record highs in November as uncertainty regarding the US election declined and optimism regarding advancements on coronavirus vaccines accelerated. Global equity markets surged across most regions with strong gains in most sectors led by Cyclicals, Energy and Financials with regional gains across US, UK, France, Italy and Japan. US interest rates declined as the US dollar weakened while cryptocurrencies surged to record highs. Oil & Energy led commodity gains for the month and Platinum, Copper, Cocoa and Soybeans also gained.
UCITS hedge fund strategies posted strong gains in November with the HFRU Hedge Fund Composite Index gaining 3.72% for the month.

HFRU Equity Hedge Index surged 4.41% in November
HFRU Event Driven Index gained 2.93%
HFRU Macro Index posted a gain of 2.76%
HFRU Relative Value Arbitrage Index advanced 3.16%

Comments reference performance as of November 30, 2020