Pivotal Point of View — January 2025

Published 14 February 2025 · Covers January 2025

Originally issued as February 2025.

January’s DeepSeek and US tariff broadsides were largely dodged by managers over a rollercoaster month. The PivotalPath Hedge Fund Composite Index ended January up 1.5%, while the rest of our main indices also generated positive returns.

+1.6%Composite, January

+1.6%Composite, year to date

−0.0%Composite, Q1

Equity DiversifiedLeading strategy

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Headline strategy indices

Strategy	January	Year to date
Equity Diversified	+2.4%	+2.4%
Equity Quant	+2.1%	+2.1%
Global Macro	+1.8%	+1.8%
Equity Sector	+1.5%	+1.5%
Event Driven	+1.4%	+1.4%
Multi-Strategy	+1.2%	+1.2%
Credit	+1.1%	+1.1%
Volatility Trading	+0.6%	+0.6%
Managed Futures	+0.2%	+0.2%

Net of fees, in USD. The Composite plus the nine headline indices with a published monthly series; ordered by month return.

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Pivotal Point of View — January 2025

Headline strategy indices

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