The month of September proved frustrating for most hedge fund strategies, even as U.S. stocks rose strongly due to another pause in interest rake hikes by the Federal Reserve. According to preliminary data, the Absolute Return Composite Index rose a median 0.42% to total 6.98% for the year so far.
Long/short equity funds had another mediocre month, hampered by lower net exposures put on following the market turbulence in late spring. While the S&P 500 marched ahead by 2.58% in September, U.S. long/short equity funds rose a median 0.20%. That puts U.S. long/short managers far behind the broader markets