<h4 style="box-sizing: border-box; margin: 1.5em 0px 4px; padding: 0px; border: 0px rgb(210, 210, 210); font-variant-numeric: inherit; font-weight: 600; font-stretch: inherit; font-size: 18px; line-height: 1.1em; font-family: &quot;Open Sans&quot;, HelveticaNeue, &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; vertical-align: baseline; color: rgb(24, 24, 24);">Highlights</h4> <ul style="box-sizing: border-box; margin: 0px 0px 20px 7px; padding-right: 0px; padding-left: 0px; border: 0px rgb(210, 210, 210); font-variant-numeric: inherit; font-stretch: inherit; font-size: 16px; line-height: inherit; font-family: &quot;Open Sans&quot;, HelveticaNeue, &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; vertical-align: baseline; list-style-position: outside; list-style-image: initial; color: rgb(24, 24, 24);"> <li style="box-sizing: border-box; margin: 0px 0px 0px 1em; border: 0px rgb(210, 210, 210); font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: 15px; line-height: inherit; font-family: inherit; vertical-align: baseline; padding: 0px !important;">Our factor-based projections estimate that hedge funds added 0.55% last week as global equity gains fueled performance</li> <li style="box-sizing: border-box; margin: 0px 0px 0px 1em; border: 0px rgb(210, 210, 210); font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: 15px; line-height: inherit; font-family: inherit; vertical-align: baseline; padding: 0px !important;">Hedge funds are now up 0.55% for the month and year</li> <li style="box-sizing: border-box; margin: 0px 0px 0px 1em; border: 0px rgb(210, 210, 210); font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: 15px; line-height: inherit; font-family: inherit; vertical-align: baseline; padding: 0px !important;">All but one of the 30 hedge fund strategies we track earned positive returns</li> <li style="box-sizing: border-box; margin: 0px 0px 0px 1em; border: 0px rgb(210, 210, 210); font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: 15px; line-height: inherit; font-family: inherit; vertical-align: baseline; padding: 0px !important;">Aside from high quality foreign bonds, most asset groups worldwide notched gains</li> <li style="box-sizing: border-box; margin: 0px 0px 0px 1em; border: 0px rgb(210, 210, 210); font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: 15px; line-height: inherit; font-family: inherit; vertical-align: baseline; padding: 0px !important;">Equities rose in every major region and sector</li> <li style="box-sizing: border-box; margin: 0px 0px 0px 1em; border: 0px rgb(210, 210, 210); font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: 15px; line-height: inherit; font-family: inherit; vertical-align: baseline; padding: 0px !important;">Most fixed income securities gained globally</li> <li style="box-sizing: border-box; margin: 0px 0px 0px 1em; border: 0px rgb(210, 210, 210); font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: 15px; line-height: inherit; font-family: inherit; vertical-align: baseline; padding: 0px !important;">Energy commodities dipped, pulling down our broad index despite gains in every other commodity sector</li> <li style="box-sizing: border-box; margin: 0px 0px 0px 1em; border: 0px rgb(210, 210, 210); font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: 15px; line-height: inherit; font-family: inherit; vertical-align: baseline; padding: 0px !important;">Neither developed nor emerging market currencies moved significantly relative to the dollar</li> <li style="box-sizing: border-box; margin: 0px 0px 0px 1em; border: 0px rgb(210, 210, 210); font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: 15px; line-height: inherit; font-family: inherit; vertical-align: baseline; padding: 0px !important;">All of our short volatility and variance factors rose</li> <li style="box-sizing: border-box; margin: 0px 0px 0px 1em; border: 0px rgb(210, 210, 210); font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: 15px; line-height: inherit; font-family: inherit; vertical-align: baseline; padding: 0px !important;">Outside of commodities, trend following and momentum strategies tended to profit</li> </ul>