November offered big cross-asset returns as investors hoped for a slowing down of hawkish global rate hikes. DropShot returned +4.24% vs +4.22% for the BarclaysHedge Balanced Index and +8.34% for ACWI. Domestic instruments lagged as previously distressed foreign equities and fixed income assets led the rally. The algorithm decreased its cash position from last month, increasing its average market beta to 0.71. On the risk side, DropShot took 63% of market upside and suffered 74% of the market downside.