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Global financial markets gained through mid-November – reversing the declines of previous months – driven by economic reports of falling inflation suggesting the Federal Reserve may not need additional rate increases. Global equity markets surged led by Technology and small cap exposures, while Germany, Japan, and Korea led regional gains. Interest rates posted sharp declines across all maturities as bonds rallied on the sharp decline in inflation; the US Dollar declined against all currencies. Commodities posted mixed performance with Energy declines led by Oil and Natural Gas; Platinum led Metals declines, while Coffee and Soybeans led Agricultural commodity gains.
The HFRX Global Hedge Fund Index gained +0.66% through mid-November.

HFRX Equity Hedge Index gained +1.96%
HFRX Relative Value Index gained +1.14%
HFRX Event Driven Index gained +0.41%
HFRX Macro Index declined -1.83% MTD

Comments reference performance figures as of November 15th, 2023