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Global financial markets posted mixed performance through mid-December as investors positioned for new policies by the incoming administration, and continued uncertainty regarding the near-term past of US inflation and interest rates. Global equity markets also posted mixed performance with gains concentrated in the technology sector offset by the small-cap, energy, and healthcare sectors. Interest rates increased across all maturities, while the US dollar gained against most currencies. Commodities posted a mixed performance, most notably gains in Oil offset by a decline in Natural Gas.

Hedge funds gained through mid-December, with the HFRX Global Hedge Fund Index gaining +0.35%.

• HFRX Macro Index gained +0.78%
  
• HFRX Equity Hedge Index gained +0.36%
  
• HFRX Event Driven Index gained +0.27%
• HFRX Relative Value Index gained +0.14%

Comments reference performance figures as of December 16th, 2024