---

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.
With the vaccine developments and the uncertainty of the US election settled, November 2020 was an outlier risk-on month. Equity market indices surged and risk-seeking HFR Bank Systematic Risk Premia Indices turned in similarly strong results. Credit Carry was up +21.06% on the month. Multi-Asset Momentum gained 11.05% and Currency Carry advanced +9.55% MTD. Conversely, Rates Momentum and Equity Momentum declined -1.91% and -2.25% respectively.