Friday, 1 August 2014
Last updated 9 hours ago
Oct 4 2011 | 12:43pm ET
August was the worst month for hedge funds in almost three years, and September wasn't much better, capping off the worst quarter for the industry since the height of the financial crisis.
The average hedge fund slipped 2.31% last month, Bank of America's Hedge Fund Monitor shows. That leaves the average fund down 5.02% in the third quarter, the worst such figure since the third quarter of 2008, when the average hedge fund lost 9.48%.
Long/short hedge funds were hardest hit in September, shedding 4.76%. Commodity trading advisers, with flat returns, were the best on the month.
The BofA report blamed the European debt crisis and a collapse in commodities prices for the losses.