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Portfolio > Alternative Investments > Hedge Funds

Hedge Funds Make Meager Gains in September: S&P Index Returns

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NEW YORK (–Returns for the S&P Hedge Fund Index are still better than those of the Standard & Poor’s 500 stock index for the year through Sept. 30.

In September, hedge funds gained 0.47%, according to Standard & Poor’s. The leading strategy was managed futures. The S&P Managed Futures Index was up 4.02% in September besting the S&P 500, which gained only 0.94% over the same time period.

The S&P Equity Long/Short Index finished the month up 1.67%. Like the managed futures index, the long/short equity category is an expanded version of what’s represented in the main S&P Hedge Fund Index with additional constituents to ensure broad representation of the market.

The composite hedge fund index currently has 40 constituents grouped into three sub-indexes: S&P Arbitrage; S&P Event-Driven and S&P Directional/Tactical. In turn the sub-indexes represent another nine hedge fund strategies ranging from market neutral to macro.

The S&P Directional/Tactical Index was up 0.60% in September but has yet to make up a 2.52% deficit for the year-to-date. Strategies in this sub-index are: futures, global macro and long/short equity.

The S&P Arbitrage Index had 0.44% in gains last month. That index is comprised of equity market neutral, fixed-income arbitrage and convertible arbitrage strategies. For the year, arbitrage strategies are up 1.89%, according to S&P.

The merger arbitrage, distressed and special situation managers in the S&P Event-Driven Index had meager returns of 0.39% for the month and are up almost 2% for the year through Sept. 30. By comparison the S&P 500 is up only 0.24% for the same time period.

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Contact Bob Keane with questions or comments at: [email protected]</a.


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