The market continues to hover near new highs as the Major Trend Index holds steady at Neutral, with tactical equity exposure remaining near 60%. January saw strong performance across the Core and Select Industries composites, driven by solid long-short equity and fixed income returns, while AdvantHedge faced some headwinds from underexposure to major growth stocks, but that was partially offset by successful short positions elsewhere. Select Industries benefitted from gains in Internet Services & Infrastructure and Hotels & Leisure, as digitalization and post-pandemic recovery continue to support these sectors.