NEW YORK (HedgeWorld.com)–Hedge fund performance was up slightly last month, with directional trading strategies topping the MSCI Hedge Fund Composite and Process Group indexes.
The composite index gained 0.8% with 65% of funds reporting their October returns by Nov. 10. The hedge fund index has yet to surpass the MSCI World Equity Index though, which went up by 2.4% in October.
Strategies that speculate on the direction of currency, commodity, equity and bond prices helped to boost the hedge fund composite index. Housed within the MSCI Directional Trading Index those funds gained 2.1% last month, but the sub index was the only one to be down for the year through October with a loss of 0.8%.
The MSCI Specialist Credit Index was the next best-performing MSCI index with a boost of 1.1% last month. This index includes credit funds that may handle distressed securities, long/short credit strategies and private placements.
The MSCI Multi-Process Group Index went up 1% in October and has returned 6% for the year. Multi-Process funds mainly are event-driven offerings.