NEW YORK, Oct. 12 /PRNewswire/ -- Early estimates indicate the Dow Jones Credit Suisse Hedge Fund Index ("Broad Index") will post its best year-to-date performance in September, gaining 3.23% for the month (based on 87% of assets in the index reporting).
Key highlights for the month:
- Hedge funds experienced their best month year-to-date in September as the Dow Jones Credit Suisse Hedge Fund Index rose an estimated 3.23%. Nine out of the 10 sectors posted positive performance this month as a result of global market rallies. The industry is up 5.78% for the year, outperforming global markets, as represented by the Dow Jones Global Index, which have posted gains of 2.89% year-to-date.
- Equity focused managers experienced positive performance this month due to global equity market rallies. Long/Short Equity managers posted their biggest gain since May of 2009, finishing up 4.50% for the month. Managers with high net exposures led performance and many funds increased their market exposures as the month progressed. Equity Market Neutral funds gained 4.30% as market correlations dropped from their record highs managers and managers capitalized on short term price reversals.
- Emerging Markets funds were also among the top performers this month finishing up 4.68%. Performance in the space was largely led by equity-focused managers which benefited from market rallies in emerging Asian and Latin American markets. FX positions also contributed positively to the month's gains.
- The Event Driven sector also finished in positive territory as increasing investment opportunities began to arise around special situations. All three sub-sectors performed well this month with Risk Arbitrage up 3.88% driven by the recent increase in M&A activity.
- Global Macro was up an estimated 2.63% as managers increased their risk exposures in the FX markets and seized opportunities in the commodities space. Many managers with long AUD positions were able to capture significant gains as the Aussie rallied to an all time record high.
Dow Jones Credit Suisse Hedge Fund Index
Dedicated Short Bias
Equity Market Neutral
Event Driven Multi-Strategy
Fixed Income Arbitrage
Dow Jones Global Index
Barclays Capital Aggregate Bond Index
DJ-UBS Total Return Commodities Index
Estimates are based on 87% of assets in the index reporting; final September performance will be published October 15th on Bloomberg and online at www.hedgeindex.com. For a complete description of the Dow Jones Credit Suisse Hedge Fund Index, please see the index rules available at www.hedgeindex.com.
Credit Suisse Hedge Index LLC is headquartered at 11 Madison Avenue, New York, NY 10010-3629.
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About Credit Suisse AG
Credit Suisse AG is one of the world's leading financial services providers and is part of the Credit Suisse group of companies (referred to here as 'Credit Suisse'). As an integrated bank, Credit Suisse offers clients its combined expertise in the areas of private banking, investment banking and asset management. Credit Suisse provides advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as to retail clients in Switzerland. Credit Suisse is headquartered in Zurich and operates in over 50 countries worldwide. The group employs approximately 48,300 people. The registered shares (CSGN) of Credit Suisse's parent company, Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.
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SOURCE Credit Suisse AG