The Greenwich Global Hedge Fund Index (GGHFI) made a strong recovery in September, rising 2.97% after posting the year’s first negative return of -1.64% in August.
The GGHFI year-to-date return of 9.5% trails the MSCI World Equity Index but remains ahead of the S&P 500 and FTSE 100, with returns of +10.11%, +9.13%, and +3.96, respectively.
US equities advanced higher in September on the back of the Federal Reserve's rate cut; however, hedge fund mangers tracked by Greenwich are less enthusiastic about the S&P 500 for October, as 50% report a neutral position, versus 42% bearish and 8% bullish.
The US Dollar continued its slide during September and 58% of managers expect it to continue moving lower into October, against 17% unchanged and 25% higher. Lastly, 50% expect the 10-year Note to move lower in October, against 25% unchanged and 25% higher.