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October 25, 2002 at 08:00 PM
NEW YORK (HedgeWorld.com)–Hedge funds tracked by Morgan Stanley Capital International returned -0.3% in September, resulting in year-to-date performance of 1.3%, based on initial estimates.
The best performing “process group” tracked by MSCI in September was the directional trading category, which returned 3.3% in the month, and 12.6% year-to-date through September. That group includes global macro, futures funds and tactical asset allocation funds.
Specialist credit funds, such as distressed and long/short credit, returned 0.5% in September and 1.6% the first three quarters of the year, according to MSCI. Relative value funds–merger arbitrage, statistical arbitrage and other arb strategies–returned 0.4% in September and 4.4% year-to-date.
Security selection funds as a group had another tough month, losing 2.1% in September and 4.2% year-to-date through September. That group includes long/short equity, market neutral and short-biased funds.
