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Global financial markets extended gains in December to conclude a strong and volatile 2020, as investors focused on continued rising coronavirus cases, rollout of several vaccines and the resolution of the US senate election; cryptocurrencies extend the recent surge. US equities gained led by small caps, while Technology, Energy and Cyclical sectors all led gains; European & Asian equities also gained. US interest rates increased while European rates were little changed; the US Dollar fell against most currencies led by the Euro, British Pound Sterling and Swiss Franc. Oil led commodity gains while Metals were led by Platinum & Silver; Wheat, Lumber & Corn all surged in Agricultural commodities.
UCITS hedge fund strategies posted gains in December with the HFRU Hedge Fund Composite Index gaining +1.76% for the month.

HFRU Equity Hedge Index gained +2.10% in November
HFRU Event Driven Index gained +1.09%
HFRU Macro Index posted a gain of +1.54%
HFRU Relative Value Arbitrage Index advanced +1.25%

Comments reference performance as of December 31, 2020