---

In December, global financial markets surged to conclude a strong 2023 as investors positioned for falling inflation and interest rates in 2024. Technology, small caps, and Financials led global equity markets gains, while the UK, Australia, and India led regional gains. Interest rates fell sharply in December in response to a surprise drop in inflation, while the US Dollar declined against most currencies. Commodities saw mixed performance in December, with Sugar, Natural Gas, and Oil leading commodity declines while Wheat, Aluminum, and Platinum produced gains.
The HFRI-I Liquid Alternative UCITS Index posted a gain of +1.90% in December and +5.85% for the year.

HFRI-I Equity Hedge Index gained +2.31% (+7.20% YTD)
HFRI-I Relative Value Index gained +2.29% (+7.29% YTD)
HFRI-I Event Driven Index gained +1.38% (+1.01% YTD)
HFRI-I Macro Index gained +0.78% (+4.26% YTD)

Comments reference performance as of December 29, 2023