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After five straight months in the black, hedge funds posted a negative number in September losing 0.65% for the month, according to the Barclay Hedge Fund Index, compiled by BarclayHedge, a division of Backstop Solutions. The hedge fund industry outperformed the S&P 500 Total Return Index, which was down 3.80% in September.

For the year-to-date, the hedge fund industry remained in positive territory, up 1.70% through September. The S&P 500 Total Return Index was up 5.57% over the same period.

By sector, September's picture was mixed; some posting gains and other sectors giving up ground.

"Equity markets had a difficult time in September as several factors combined to shake investor confidence," said Sol Waksman, president of BarclayHedge. "Stalled stimulus talks in Washington, fears that increasing COVID-19 case counts might prompt new lockdowns and concerns over the possibility of a contested U.S. presidential election were a drag on global equity markets."

Among September's gainers, the Volatility Trading Index led the way with a 1.55% return. The Merger Arbitrage Index was up 1.24%, the Convertible Arbitrage Index rose 0.85%, the Healthcare & Biotechnology Index gained 0.84%, the Event Driven Index returned 0.55% and the Pacific Rim Equities Index was up 0.37%.

Sectors in the red in September included the Emerging Markets Latin American Equities Index, off 3.41%, the Balanced (Stocks & Bonds) Index, down 2.08%, the Equity Long Bias Index, losing 1.72%, the Emerging Markets Eastern Europe Index, retreating 1.58%, the Technology Index dropping 1.26% and the Global Macro Index, falling 1.03%.

For the year-to-date, the results among various indices were similarly mixed, though gainers were in the majority. Leading the way was the Technology Index, up 14.92%, followed by the Volatility Trading Index, gaining 13.93%, the Emerging Markets Asian Equities Index, advancing 10.20%, the Healthcare & Biotechnology Index, rising 9.17%, and the Fixed Income Arbitrage Index, advancing 8.34%.

Among sectors losing ground in 2020, the Emerging Markets Latin American Equities Index was down 16.78% year-to-date, the Emerging Markets Eastern European Equities Index was off 7.03%, the Emerging Markets MENA Index lost 6.45%, the Emerging Markets Global Equities Index was down 5.19% and the Pacific Rim Equities Index was off 3.89%.

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