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In December, global financial markets posted a mixed performance to conclude 2024 as investors adjusted their positions in anticipation of policy shifts under the incoming Trump administration. Global equity markets experienced declines, with small-cap stocks and the energy sector leading declines, while the Nasdaq posted a modest gain for the month. Regional indices also showed varied performance, with France and India leading regional gains. Interest rates rose as investors reduced expectations for rate cuts in 2025, driven by ongoing inflationary pressures. The U.S. dollar strengthened against most major currencies. Meanwhile, commodities had mixed results, with gains in Oil & Natural Gas offset by declines in Platinum & Silver.

The HFRI-I Liquid Alternative UCITS Index posted a decline of -0.13% in December, +5.55% YTD.

• HFRI-I Macro Index gained +0.62%, +5.66% YTD.
  
• HFRI-I Event Driven Index posted a gain of +0.18%, +1.75% YTD.
• HFRI-I Relative Value Index declined -0.20%, +5.82% YTD.
  
• HFRI-I Equity Hedge Index declined -0.47%, +6.37% YTD.
  

Comments reference performance as of December 31, 2024