Hedge funds extended recent performance gains to begin 2024, with strong contributions from fixed income-based strategies as geopolitical risks continued to escalate, adding active conflicts in Yemen and the Red Sea to the ongoing conflicts in Ukraine and Israel. Gains were seen across a wide range of strategies and sub-strategies as investors and managers positioned for interest rates to remain elevated through early 2024, as US economic data continued to show strength and resilience. The HFRI Fund Weighted Composite Index® (FWC) advanced an estimated +0.28 percent for the month, while the HFRI 500 FWC Index added +0.24 percent.