Wednesday, 24 August 2016
Last updated 9 hours ago
Oct 3 2013 | 3:20am ET
Hedge funds returned to the positive in September, but were unable to repeat August's feat of beating the broader markets.
The average hedge fund rose 0.96% last month, according to Hedge Fund Research's HFRX Global Hedge Fund Index, while the Standard & Poor's 500 Index added more than 3%. The benchmark is up 4.29% on the year; the S&P500 is up nearly 20%.
Most strategies tracked by the HFRX suite were in the black to close out the third quarter, led by special situations funds, which rose an average of 2.96% (14.19% year-to-date). Fundamental growth funds added an average of 2.11% (0.74% YTD), event-driven funds 2.1% (10.87% YTD), equity hedge funds 1.36% (6.67% YTD) and fundamental value funds 1.1% (10.69% YTD).
Master-limited partners rose 0.89% on average, and at 18.03% are the best-performing strategy of the year. Credit hedge funds added 0.53% (5.68% YTD), distressed restructuring funds 0.52% (4.68% YTD), convertible arbitrage funds 0.46% (9.64% YTD), relative-value arbitrage funds 0.42% (1.73% YTD), merger arbitrage funds 0.41% (2.84% YTD), multi-strategy funds 0.37% (0.17% YTD) and emerging markets funds 0.28% (0.77% YTD).
On the other side of the ledger, systematic diversified commodity trading advisers shed 0.59% on the month (down 4.03% YTD), macro funds and CTAs 0.26% (down 2.69% YTD) and equity-market neutral funds 0.05% (down 0.48% YTD).