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The hedge fund industry delivered mixed results in September, with performance patterns highlighting the widening dispersion between strategies. According to Reuters data, hedge funds returned approximately 1.3% for the month, with regional differences emerging as Europe, Asia, and Middle East managers outperformed their North American counterparts. HFRI indices surged in September, led by Macro and CTAs, with the Fund Weighted Composite gaining 2.4% for the month and 5.7% in Q3, as reported by Opalesque. The equity long/short and multistrategy funds posted modest gains, while macro and quantitative strategies lagged amid rate and commodity market volatility. Business Insider reported that multistrategy giants including Citadel, Balyasny, and ExodusPoint remained positive in September, adding to year-to-date gains as the S&P 500 rose 3.5%. This performance divergence underscores the importance of strategy selection in the current environment, with approximately 80% of funds advancing during the period.

Market Sentiment: Global Outlook Fractures Along Regional Lines

New analysis from Permutable reveals that global macro sentiment is fracturing along regional lines, with the United States turning sharply optimistic following the Federal Reserve's policy shift, while Europe remains weighed down by political risk. Gold has emerged as the standout performer, climbing to $3,780 per ounce, up 12% month-to-date and 41% year-to-date, confirming its role as the universal hedge. The sentiment divergence reflects deeper structural differences between regions, with U.S. investors building confidence in domestic growth while European and Asian markets grap......................

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