---

Global financial markets posted mixed performance trading in a wide range through mid-October, as geopolitical tensions surged due to the violent eruption of military conflict in Israel. Global equity markets traded in a wide intra-month range – initially extending September declines on higher rates heading into US employment data, then reversing losses on strong US employment data. Technology, commodity-sensitive, and large-cap equities led a mixed US performance, while small-caps and Cyclicals led declines. Interest rates also traded widely, rising to cyclical highs in early October before falling as geopolitical tensions increased. The US Dollar was little changed through mid-month. Commodities saw a mixed performance through mid-October, with Natural Gas, Gold, and Wheat leading commodity gains, while Oil, Aluminum, and Hogs led commodity declines.
The HFRX Global Hedge Fund Index declined -0.24% through mid-October.

HFRX Equity Hedge Index gained +0.08%
HFRX Macro Index declined -0.34%
HFRX Relative Value Index declined -0.35%
HFRX Event Driven Index declined -0.41% MTD

Comments reference performance figures as of October 16th, 2023