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"That quarter-end data would show outflows is not surprising as that has been the norm across the industry over the last 18 quarters," said eVestment Global Head of Research Peter Laurelli, the report's author. "That aside, September net redemptions do not appear to be a sign that an otherwise positive year for the hedge fund business is about to shift in sentiment."

Year to date (YTD) the hedge fund business is strongly in the green for new money, with inflows of +$30.04 billion so far in 2021. But Laurelli notes there could be warning signs for some in the hedge fund business. "The data shows only 44% of funds saw inflows in September," he said. "This is a signal the momentum of inflows is slowing."

Managed Futures funds were the big asset winners in September, pulling in +$1.90 billion. Managed Futures strategies have now seen aggregate net inflows for seven consecutive months, matching their previous longest streak of net inflows from 2015. YTD, Managed Futures funds have pulled in $11.44 billion, making them among the biggest asset winners for the year.

At -$2.23 billion in outflows in September, Multi-Strategy funds were among the biggest asset losers in September. However, their YTD 2021 inflows of +$20.77 billion make them the biggest asset winners for the year among the primary hedge fund strategies eVestment tracks.

Macro funds were the biggest asset losers among primary strategies eVestment tracks in September, with investors pulling -$4.10 billion. YTD they are also in the red at -$3.30 billion.

Long/Short Equity funds were another big asset winner in September, pulling in +$1.78 billion. These funds are still in the red year to date with outflows of -$10.11 billion. But as noted in previous reports, those outflows were concentrated among a few under-performing funds, which masked the success many of these funds were having in raising AUM. It would appear the weight of those concentrated outflows has been shed.

Event Driven funds, with inflows of +$1.37 billion, were another big asset winner in September. These funds are also positive YTD with inflows of +$6.01 billion.