Not all hedge funds were bloodied in September.

SPARX Group's hedge fund division PMA said its flagship foreign exchange and macro fund returned 1.82% last month, which was one of the worst ever on record for the hedge fund industry.

The PMA Harvester Fund is up 15.75% on the year.

“On the FX front, our hedging position delivered good returns, while our discretionary positions performed well,” Shun Hong Liu, chief investment officer of macro strategies, said. “On the rates front, our receive-fixed trades were rewarding.”

PMA, which is based in Hong Kong, manages some US$2.5 billion in assets.