The Absolute Return Composite hedge fund index climbed 1.09% in September, its fifth straight gain, to lift the year-to-date return to 4.68%, according to preliminary data. Gains were solid and broad based, as all strategies turned up positive results and beat their respective market benchmarks.
Lifted by rising energy prices and interest rates, along with the increased volatility unleashed by Hurricanes Katrina and Rita, macro strategies outperformed all others. Macro managers were up a median 3.01% for the month, the early data show, bringing year-to-date returns to 6.3%.
Global equity also had a particularly strong month, rising 2.59% on