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This marked the second consecutive month of negative industry returns, although the industry is still positive for the year, with aggregate year-to-date (YTD) industry returns coming in at +6.35%.

Across the industry, 82% of products have produced positive results in 2019 with average gains among positive performers of +10.56%.

There's more green than red in returns across the strategies and fund types eVestment tracks. But Managed Futures funds' big negative returns of -3.88% in September were a big drag on the overall industry figures. In spite of the sharp drop among those funds in September, Managed Futures funds are still strongly positive for the year, returning +7.70% YTD.

Other primary strategies slipping into the red in September were Macro funds (-0.12%), Relative Value Credit funds (-0.19%) and Market Neutral Equity funds (-0.72%), although all are still positive YTD.

Origination & Financing funds and Event Driven - Activist funds were the strongest performers among primary strategies in September, returning +1.24% and +1.13% respectively. With YTD returns at +8.00% Event Driven - Activist funds are among the strongest primary strategies for returns so far this year.

Long/Short Equity funds eked out positive average returns of +0.42% in September, but with YTD average returns at +8.72% these funds are putting up the best 2019 performance figures so far among primary strategies eVestment tracks.

India-focused funds saw a big turnaround in September, returning +4.80% last month. This dents, but doesn't eliminate, India-focused funds' poor returns for the year, which stand at -4.04% YTD.

Russia and China-focused funds are still the best performing funds of all types tracked by eVestment YTD, returning +15.86% and +14.79% respectively for the year. Brazil-focused funds aren't far behind, returning +11.98% so far in 2019.