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Driven by concerns about rising inflation and interest rate increases by US Federal Reserve, global financial markets declined in January to begin 2022. Global equity market declines were led by US equities, with steepest declines across Technology, Cyclicals and Healthcare, which were only partially offset by gains in Energy. US interest rates increased across all maturities with shorter dated yields rising relative to longer as the yield curve flattened, the US dollar gained against most currencies. Commodities gains were led by surges in Natural Gas & Oil, Aluminum led gains in Metals while Cotton and Soybeans led Agricultural gains.
 
The HFRU Hedge Fund Composite Index posted a decline of -1.45% in January.
•HFRU Equity Hedge Index declined -1.62%
•HFRU Event Driven Index declined -1.17%
•HFRU Macro Index posted a decline of -1.19%
•HFRU Relative Value Arbitrage Index declined -1.37%
Comments reference performance as reported on January 31, 2022.