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In January, global financial markets began 2024 with mixed performance as geopolitical risk remained elevated and interest rates increased. Global equity markets posted gains to begin the year, led by Technology & Energy sectors, although small-caps posted declines; Japan, Italy, and several Emerging Markets led regional gains. Interest rates increased as US economic data continued to show strength. The US dollar gained against most currencies. Commodities had mixed performance, with Energy gains led by Oil, Agricultural gains led by Rubber, and Metals gains led by Copper.
The HFRU Hedge Fund Composite Index posted a gain of +0.08% in January.

HFRU Macro Index gained +0.43%
HFRU Equity Hedge Index posted a gain of +0.17%
HFRU Relative Value Index declined -0.21%
HFRU Event Driven Index declined -0.68%

Comments reference performance as reported on January 31, 2024.