Hedge Funds Up 3% In Sept. As Emerging Markets, Distressed Debt Soar

Oct 8 2009 | 1:22am ET

Hedge funds enjoyed their seventh-straight winning month with a big September, according to data from Hedge Fund Research.

The firm’s HRFI Fund Weighted Composite Index rose 3.02% last month. It is up 17.21% year-to-date.

Emerging markets funds did best in September, soaring 6.21% (35% year-to-date), as Russia and Eastern Europe funds rose 10.7%, Latin America funds 7.8% and Asia ex-Japan funds 4.4%. Distressed-debt funds were the strongest September performer among the non-regional subindices with a 5.13% return. Event-driven funds also did well, rising 4.24%.

Short-biased funds did the worst in September as global equities markets rallied. The HFRI short-bias index fell 4.88% on the month—the only strategy in the red. Short-sellers are down nearly 20% this year.

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