Hedge Funds Post Best Third Quarter In 12 Years

Oct 16 2009 | 2:30pm ET

A strong September gave hedge funds their best third quarter in a dozen years, according to the Credit Suisse Index Co.

The Credit Suisse/Tremont Hedge Fund Index returned 3.04% last month, bringing its third quarter return to 7.27% and its year-to-date return to 14.97%. Emerging markets funds led the way, rising 4.94% on the month and 24.67% on the year. That’s pretty good, but not the best: Convertible arbitrage funds are up an eye-popping 39.96% this year after jumping 3.23% in September.

All but one of Credit Suisse’s 13 strategy and sub-strategy indices had positive returns last month, and all but two are in the black through the first nine months of the year. In addition to emerging markets and convertible arbitrage, other strong performers were distressed funds (3.38%, 14.78% year-to-date), long/short equity funds (3.23%, 16.68% YTD) and managed futures funds (2.97%, down 4.2% YTD).

The only loser in September? Dedicated short-bias funds fell 5.27% and are down 22.26% on the year.

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