How are funds of hedge funds doing these days? Slightly down in September but still holding their own. The HFRI Fund of Funds Composite Index is up 2.4% YTD (to Sept.), annualising 2.8% in the last three years, 3% in the last five. And the Eurekahedge Fund of Funds Index is up 3.4% YTD.

Swiss manager Fundana runs two FoHFs which are both breezily outperforming t