Hedge Fund Indices In The Black In September

Oct 17 2007 | 8:10am ET

Hedge fund returns were strong in September, according to the latest figures from Hedge Fund Research.

The firm’s HFRI Fund Weighted Composite Index added 2.82% last month, and is up 14.8% year-to-date. Its Fund of Funds Composite Index rose 2.12% (8.09% YTD).

Emerging markets remain by far the best performing strategy in 2007. HFRI’s E.M. index rose 4.6% to reach 20.06% on the year. That’s better than twice the year-to-date return of the next-best strategy, equity hedge, which returned 3.27% in September and is up 9.87% year-to-date. Macro fund also enjoyed a strong month, rising 3.52% (7.98% YTD).

None of the strategies tracked by HFRI were in the red last month or year-to-date. Event-driven is up 1.88% in September (7.49% YTD), convertible arbitrage 1.64% (4.78% YTD), merger arbitrage 1.35% (7.21% YTD), relative value arbitrage 1.24% (6.42% YTD) and distressed securities 0.6% (5.38% YTD).

Meanwhile, preliminary figures from another indice show that September’s hedge fund rally boosted managers all around the world.

The Eureakahedge Hedge Fund Index rose 3.4% last month, while Asia ex-Japan funds enjoyed the best returns for the month, adding 6.1%. Japan funds, for their part, rose 1.1%.

North American hedge funds returned 3% on the month. European hedge funds were also up, but just by 0.3%.

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