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Marc H. Malek Benedicte Gravrand, Opalesque Geneva:

The Barclay CTA Index returned 0.17% (est.) in September (-0.59% YTD) and most of its sub-indices were flat that month (with YTD returns ranging from -1.2% to +3.7%). These may be tepid results but they undeniably outperformed the average hedge fund performance (the Barclay Hedge Fund Index lost 3% (est.) in September and is down 5.6% YTD) and equities.

The S&P500, which moved from 1,197 to 1,164 in the last 30 days – losing almost 3% - and which is down around 8.5% YTD, reportedly fell within 1% of a bear market this week. (However it is now expected to post its biggest Q4 rally (to reach 1,300) in 13 years, claim a number of analysts.)

According to Conquest Capital Group, an alternative asset management firm based in New York, trend-following CTAs realized small profits on balance, although returns were highly disparate among managers. Short-term CTAs were also mixed, with momentum managers more likely to have achieved gains.

The returns of the CTA programs managed by Conquest seem to demonstrate the sector’s dispersion.

"As investor fears mounted in September, the Conquest Macro program realized gains of more than 11% (est.)," Conquest’s Jessica Grad told Opalesque. "Its unique conditional long volatility strate......................

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