Pivotal Point of View — December 2025

Published January 2026 · Covers December 2025

Originally issued as January 2026.

The Composite rose 1.2% in December, leaving it up 12.0% for the year on a Q4 of +3.0%. Equity Quant led at +1.9%; Volatility Trading lagged at −0.4%.

+1.2%Composite, December

+12.0%Composite, year to date

+3.0%Composite, Q4

Equity QuantLeading strategy

Headline strategy indices

Strategy	December	Year to date
Equity Quant	+1.9%	+8.9%
Managed Futures	+1.7%	−1.0%
Equity Sector	+1.5%	+24.5%
Equity Diversified	+1.5%	+15.8%
Multi-Strategy	+1.4%	+10.7%
Event Driven	+1.2%	+13.2%
Global Macro	+1.2%	+9.8%
Credit	+0.5%	+7.8%
Volatility Trading	−0.4%	+4.4%

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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