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In January, global financial markets began 2024 with mixed performance as geopolitical risk remained elevated and interest rates increased. Global equity markets posted gains to begin the year, led by Technology & Energy sectors, although small-caps posted declines; Japan, Italy, and several Emerging Markets led regional gains. Interest rates increased as US economic data continued to show strength. The US dollar gained against most currencies. Commodities had mixed performance, with Energy gains led by Oil, Agricultural gains led by Rubber, and Metals gains led by Copper.
The HFRI-I Liquid Alternative UCITS Index posted a gain of +0.13% in January.

HFRI-I Macro Index gained +1.38%
HFRI-I Relative Value Index gained +0.44%
HFRI-I Equity Hedge Index declined -0.31%
HFRI-I Event Driven Index declined -0.44%

Comments reference performance as of January 31, 2024