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The CISDM Equal Weighted Index gained 1.09% in September and is up 6.52% for the year 2017. This was the eleventh monthly gain for the CISDM Equal Weighted index in the last twelve months. With an annualized volatility of 3.2% for the last twelve months, the Equal Weighted Index produced a very attractive Sharpe Ratio of above 2 over the last twelve months. Equities around the world rallied once again in September. The S&P 500 Index gained 2.06% in September to increase its year-to-date return to 14.24%. The MSCI ACWI gained 1.97% in September and is up 17.75% for the year.

Most of the individual hedge fund strategies produced positive returns in September with the Equity Long/Short strategies gaining the most. The CISDM Equity Long/Short Index was up 1.53% for the month and 6.74% for the year. Muted volatility and continued upsurge in the broader equity market likely resulted in such good performance for the Equity Long/Short strategies. Energy, Financials and Industrials sectors made robust gains in September, helping sector-focused Equity Long/Short strategies. China Long/Short Index gained as well in September and is up 6.81% for the year.

Hedge Funds focused on fixed-income securities had mixed performance in September. Convertible arbitrage and distressed securities strategies gained for the month, while fixed-income arbitrage lost money. As convertible arbitrage and distressed securities have positive exposure to improving credit conditions, a surging equity market helped alleviate fears of credit crisis and helped both strategies. Fixed-income arbitrage, on the other hand, lost 0.86% for the month, but is still up 0.98% for the year.

Event driven hedge fund strategies, such as the CISDM Event Driven Multi-Strategy Index and the CISDM Merger Arbitrage Index, gained in September. Large number of mergers and acquisitions were announced in September, including United Technologies' $30.2 billion offer for Rockwell Collins and Northrop Grumman's $9.2 billion offer for Orbital ATK.

The CISDM Fund of Funds Index had a modest 31 basis points gain for September as most of the hedge fund strategies produced positive return. This index gained for the tenth time in the last eleven months.