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Matthias Knab, Opalesque:

In November, global financial markets delivered mixed performance as volatility rose from prior months, driven in part by sharp declines in cryptocurrencies and by a broader tension between expectations for lower interest rates and concerns about valuation and sustainability of continued AI-related technology spending. Global equities fluctuated throughout the month, alternating between gains and losses across regions and sectors. Shorter-dated interest rates fell amid increased volatility and growing expectations for a U.S. Federal Reserve rate cut, while longer-dated yields were little changed. The U.S. dollar declined against most major currencies. Commodities were similarly mixed, with gains in Natural Gas and Silver offset by weakness in Oil and Cocoa.

Hedge funds posted gains in November with the HFRX Global Hedge Fund Index gaining +0.14%.

HFRX Event Driven Index gained +0.27% in November from gains in special situations partially offset by declines in merger arbitrage strategies. The HFRX Special Situations Index gained +0.29% from gains in exposure to global, catalyst-driven fundamental value equities. The HFRX Merger Arbitrage Index declined -0.07% as global equity markets saw increased volatility and mixed performance through November.

HFRX Macro/CTA Index gained +0.19% for the month from gains in systematic trend following managers. The HFRX Macro/Systematic CTA Index gained +1.09% as the U.S. dollar declined against most m......................

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