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Hedge Fund Performance Commentary

The Eurekahedge Hedge Fund Index was up 0.90% in November, supported by the market’s optimism towards the progress of the US-China trade talks. The underlying equity market as represented by the MSCI ACWI (Local) gained 2.76% over the same period. US equity markets recorded new all-time highs during the month, as a result of the strong corporate earnings combined with the positive geopolitical development. European equities also pushed higher as Germany narrowly avoided recession, defying market expectations. The CAC40 and DAX gained 3.06% and 2.87% over the month. Over in Asia, the enactment of the Hong Kong Human Rights and Democracy Act was seen as a possible headwind against the progress of the ongoing US-China trade negotiations, weighing on the region’s risk outlook. Meanwhile, the wait-and-see approach of the Fed and the ECB towards their policies pushed the yields of the sovereign bonds higher during the month, resulting in the weakness of the government bond market.

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