Research

Hedge Fund Performance Commentary

Introduction

Hedge funds realised gains in September as global markets trended upwards during the month. The Eurekahedge Hedge Fund Index was up 1.18%1  while global stock indices outperformed as the MSCI World Index2 gained 3.87% in September.

Global markets remained in headline-following mode during the month, rising in the first few weeks as the risk of a US strike on Syria declined. Positive macroeconomic data from Europe and China also pushed up market indices and the decision of the US Federal Reserve to maintain the pace of asset-purchase, added further strength to the rally. Markets declined in the latter half of the month as investor focus turned to the budget impasse in the US Congress.

August 2013 and September 2013 returns across regions

All regions posted positive returns for the month with emerging markets focused funds posting the strongest gains. Greater China and India focused funds were up 2.14% and 6.93% respectively, while on the whole Asia ex-Japan managers gained 2.73%. The Hang Seng Index gained 5.19% in September; the Shanghai Composite was up 3.64%, while in India the BSE Sensex gained 4.08%. The Eurekahedge Asia ex-Japan Hedge Fund Index has outperformed underlying markets for most of the year and is up 5.87% September 2013 year-to-date, while the MSCI Asia Pacific ex-Japan2 is down 1.14% over the same period.

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Footnote

1 Based on 45.97% of funds which have reported September 2013 returns as at 10 October 2013

2 MSCI AC World Index All Core (Local)

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