Boosted by the Federal Reserve's 50 basis-point rate cut in September, the global equity markets rebounded from their mid-August lows, enabling long/short equity funds to produce solid returns for the month - albeit lower than that of the broader market.
The Absolute Return U.S. Equity Index gained 2.21% in September to put it up 8.69% for the year. By comparison, the S&P 500 finished the month up 3.6%, taking it to 7.7%. Global funds had a better month, gaining 2.8% for September and 9.55% for the year. That compares with the 4.6% rise for the MSCI World Index