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October 20, 2003 at 08:00 PM
NEW YORK (HedgeWorld.com)–The MSCI Hedge Fund Composite Index returned a healthy 1.6% in September, on a preliminary basis, buoyed by good performance from all five of MSCI’s hedge fund process indexes.
And with September’s performance, the MSCI Hedge Fund Index preliminary year-to-date returns jumped into double-digit territory at 11.1%.
Event-driven and multi-process hedge funds, grouped together as the MSCI Multi-Process Group Index, performed best in September with a return of 2.3%, bringing the group’s year-to-date return through September to 15.2%. The final August Multi-Process Group Index return was 1.9%, revised from preliminary returns of 1.8%.
Distressed securities, long/short credit and private placement hedge funds reported returns of 1.8% in September under the Specialist Credit grouping, bringing the category’s returns for the first three quarters to 15.7%. August’s final returns were 1.3%, compared with the preliminary return of 0.9%.
The MSCI Security Selection Index, composed of long/short equity, equity market neutral and short-focused funds, also returned 1.8% in September and was up 14% for the year through September, according to MSCI. The final Security Selection Index August return was 1.8%, down from preliminary results of 1.9%.
