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From Kirsten Bischoff, Opalesque New York:

Hedge funds continue to be on track for one of the best years the industry has ever seen, Oliver Schupp, President of the Credit Suisse Tremont Index, LLC, said on Monday during a meeting with reporters.

In the Q3 2009 Hedge Fund Update titled, "On the Road to Recovery", which the firm will release today, the hedge fund index reflects that hedge funds are up 15% YTD (all YTD figures are as of Sept 30th, 2009) and on track to post their best annual returns in 10 years.

As hedge funds enter the final quarter of 2009's year of recovery 26% have recovered fully from 2008 losses. Global macro, which has posted gains of 9.1% and long/short equity, which has posted gains of 16.7% YTD are the Cinderella stories of returning assets within the industry. Global macro saw the largest net inflows during 2Q09 (followed by slight net outflows in Q3) and l/s saw its first net asset inflows of the year during 3Q09.

Top convertible arb fund on index achieves +210% returns Convertible arbitrage managers lead all strategies, posting 40% returns year to date. Additionally, the best performing fund tracked within this strategy by the Credit Suisse Tremont Index has achieved an astounding 210% performance return so far in 2009.

The convertible arbitrage strategy was hit with large sell offs during 2008. In fact its sector weight within the CST Index is only 1.8%......................

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