When the news has been as bad as it has been for foreign exchange hedge funds, any bit of positive spin is worth celebrating.
So it is with the Parker Global Index in October, when the currency hedge fund benchmark inched up 0.32%. That's not much to speak of, given that the average hedge fund added about 1.5% that month, and the Standard & Poor's 500 Index rose about 4.5%. But in a year that has the Parker index down 0.74% and that has seen much larger losses by some of the industry's biggest currency names, it's something.
Systematic currency funds did best in October, rising 0.6%. Discretionary managers had to make do with an average return of just 0.04%, which, if nothing else, is not a loss.