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Global financial markets gained through mid-January as investors positioned themselves for potential policy shifts under the incoming Trump administration and anticipated fewer interest rate cuts by the US Federal Reserve in response to persistent inflation. Equity markets gained, led by the Energy sector and European regions; financials posted strong earnings while Asian equities were mixed. The US dollar strengthened against most major currencies. Energy led commodity gains with oil and natural gas leading the charge, while copper and silver saw notable gains in the metals sector.

Hedge funds gained through mid-January, with the HFRX Global Hedge Fund Index gaining +0.29%.

• HFRX Equity Hedge Index gained +0.86%
  
• HFRX Event Driven Index gained +0.27%
• HFRX Relative Value Index gained +0.17%
• HFRX Macro Index declined -0.54%

Comments reference performance figures as of January 15th, 2025