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In November, global financial markets posted strong gains as measures of US inflation declined, and investors discounted an end to the cycle of US Federal Reserve interest rate increases. Equity markets surged to the best monthly gain since July of 2022, led by Technology, Cyclicals, and Financials; regional equity markets also gained, led by Germany, Spain, Brazil, and Korea. Interest rates declined on falling inflation while the US Dollar declined against the British Pound Sterling, Euro, and Swiss Franc. Commodities were mixed with Oil and Natural gas leading Energy declines. Silver led Metals gains and Coffee led Agricultural gains.  
The HFRI-I Liquid Alternative UCITS Index posted a gain of +2.64% in November.

HFRI-I Equity Hedge Index gained +3.66%
HFRI-I Relative Value Index gained +2.59%
HFRI-I Event Driven Index gained +2.17%
HFRI-I Macro Index gained +0.46%

Comments reference performance as of November 30, 2023