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In January, global financial markets gained to begin 2025 as the Trump administration began implementing significant policy changes focused on immigration and trade. Additionally, large-cap technology traded within a volatile range due to disruptions and competition from emerging AI products. Despite the intense volatility driven by AI innovation, global equity markets posted strong gains to begin the year. Large-cap energy, commodity, and healthcare sectors led US equity gains, while Germany, France, and Brazil led regional performance. Interest rates declined as the US Federal Reserve left rates steady, and inflation data remained stable. The US Dollar gained against the British Pound, Euro, and Swiss Franc. Coffee, Platinum, Silver, and Oil led commodity gains, while Natural Gas experienced a sharp decline.

The HFRU Hedge Fund Composite Index gained +1.14% in January.

• HFRU Equity Hedge Index gained +1.54%
• HFRU Relative Value Index gained +0.99%
• HFRU Event Driven Index gained +0.97%
• HFRU Macro Index gained +0.49%

Comments reference performance as reported on January 31, 2025.