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Global financial markets declined in January surrendering intra-month gains into month end as concerns about the spread of coronavirus drove a volatility increase into month end. Equities posted declines led by Chinese equities and Energy exposures; European equities also declined while US equities surrendered intra-month gains into month end. US interest rates declined on flight to quality despite the Federal Reserve leaving rates unchanged, while the US Dollar advanced against most other currencies. Commodity declines were led by steep declines in Oil & Natural Gas, Metals commodities were mixed as Gold gained, while Agricultural commodity declines were led by steep losses in Coffee & Hogs. Hedge Funds posted gains in January with the HFRX Global Hedge Fund Index gaining +0.41%.

HFRX Macro/CTA Index posted a gain of +0.82%
HFRX Relative Value Arbitrage Index gained +0.68%
HFRX Event Driven Index posted a gain of +0.51%

HFRX Equity Hedge Index posted a decline of -0.33%

Comments reference performance figures for January 31, 2020