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"The Fed's mid-month confirmation that it was unwinding QE precipitated trend reversals in bond yields, the US Dollar Index, and gold," says Sol Waksman, founder and president of BarclayHedge. "In spite of the ongoing rally in global equities, there were several treacherous crosscurrents in motion during September and successful navigation was difficult."

Agricultural (+0.40%), Discretionary (+0.27%) and Currency (+0.24%) all recorded modest gains for the month while Financials and Metals (-0.10%) was down slightly. Sharper losses were recorded in the Systematic (-0.99%) and Diversified (-1.31%) indices.

For the year, the Barclay CTA Index is down 1.26%. Agriculture is the best performing sector of the year with a gain of 2.60%. The Diversified Traders Index lags with a decline of 3.60%.

The Barclay BTOP50 Index, which focuses on the largest CTAs, fell by 1.98% for the month. Year to date through the end of September, the BTOP50 Index is down 4.03%.