ALTERNATIVE INVESTMENT COMMENTARY*
The alternative sector finished the year on a positive note as the HFRI Fund-of-Funds Composite Index rose by 7.5% during the fourth quarter and 10.3% for 2020, which is the index’s best performance since 2009. Specifically, ‘Equity Hedged’ and ‘Event-Driven’ strategies extended their outperformance during Q4 as the HFRI Equity Hedged (Total) Index and HFRI Event-Driven (Total) Index increased by 14.5% and 11.8%, respectively. We were pleased with our manager’s performance in 2020 as the majority of them were able to protect capital during times of heightened volatility and still participate and produce gains during the market’s rally. We remain confident with the current managers on our platform and are excited about several new managers that we are currently in the process of onboarding.