Despite starting the year well alternative UCITS surrendered profits at the end of January according to the UCITS Alternative Index; its Global Index gaining just Despite starting the year well alternative UCITS surrendered profits at the end of January according to the UCITS Alternative Index; its Global Index gaining just 0.01 per cent. Unsurprisingly, given the rising cost of global commodities, the Alternative Index Commodities made the strongest gains, albeit only 1.27 per cent, with the Event Driven Index coming in at 0.77 per cent. Long/Short Equity could only muster 0.21 per cent having gained 1.73 per cent in December. Six of the strategies posted negative returns for January, the worst being the Emerging Markets Index, down 0.95 per cent. CTA and Multi-Strategy were the next worst performers, posting losses of 0.31 per cent and 0.33 per cent respectively. Assets on the UCITS Alternative Index as of end-January totalled EUR99billion, with more than 640 funds and FoFs listed.