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Global financial markets gained through mid-November, trading within a wide and volatile range as managers and investors positioned for the anticipated policy outcomes and impacts of the US Presidential election, alongside the recent interest rate cuts by the US Federal Reserve. Following the election, US equities gained on strong risk-on sentiment, although some sectors pared gains by mid-month amid uncertainty regarding the potential effects of policy changes. Financials and Cyclicals led gains while Healthcare declined. Regional indices had mixed results in reaction to the US elections. Notably, interest rates rose despite the US Federal Reserve lowering rates, driven by economic data indicating continued inflationary pressures and investors adjusting their positions in light of post-election policy implications. The US Dollar strengthened significantly against most currencies. Gold, Silver, Oil, and Wheat led commodity declines through mid-November, partially offset by gains in Natural Gas.

Hedge funds gained through mid-November, with the HFRX Global Hedge Fund Index gaining +0.32%.

• HFRX Macro Index gained +0.78%
  
• HFRX Equity Hedge Index gained +0.59%
• HFRX Relative Value Index gained +0.38%
• HFRX Event Driven Index declined -0.29%
  
  

Comments reference performance figures as of November 15th, 2024