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In November, US equity markets surged, driven primarily by small caps, as investors positioned themselves for the incoming Trump administration and anticipated a broad range of policy changes, including those related to trade, immigration, and government spending. Regional equity markets, however, exhibited mixed performance in response to the election results. Interest rates traded within a wide range but ended the month with a modest decline, despite initially rising on the election outcome and subsequently falling in reaction to newly released economic data. The US dollar strengthened against most major currencies for the month. Commodities showed mixed performance with declines in sugar, silver, and copper offset by gains in natural gas, coffee, and cocoa.

The HFRI-I Liquid Alternative UCITS Index posted a gain of +0.99% in November.

• HFRI-I Equity Hedge Index gained +1.28%
  
• HFRI-I Macro Index gained +1.22%
• HFRI-I Relative Value Index gained +0.76%
• HFRI-I Event Driven Index posted a gain of +0.02%

Comments reference performance as of November 29, 2024