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September was the seventh straight month of hedge fund inflows, a period during which the industry attracted $154 billion in new assets. A $49.7 billion trading loss on the month brought total hedge fund industry assets under management to $4.53 trillion as September ended.

"While the uptrend in Hedge Fund popularity can be clearly observed across geographic boundaries, a look at subsector trends over the trailing twelve months reveals that not every fund is a 'belle of the ball'", commented Ben Crawford, Head of Research at BarclayHedge. "In point of fact, the subsectors are clearly divided between the 'belles' and the 'wallflowers, wicked step-sisters and the like'. A look inside of these subsectors reveals even more vividly that this extraordinary time has both had both big winners and big losers."

Some two-thirds of hedge fund subsectors tracked experienced inflows in September. Sector Specific funds attracted $2.5 billion, 0.7% of assets, Fixed Income funds added $2.4 billion, 0.2% of assets, Multi-Strategy Funds saw $1.8 billion in inflows, 0.4% of assets, Equity Long/Short funds brought in $1.6 billion, 0.9% of assets, and Merger Arbitrage funds experienced $1.3 billion in inflows, 1.5% of assets.

Among the subsectors experiencing net redemptions in September were Emerging Markets - Latin America funds shedding -$1.3 billion, -11.3% of assets, Macro funds with -$893.0 million in outflows, -0.4% of assets, Emerging Markets - Global funds with -$671.2 million in redemptions, -0.3% of assets, and Option Strategies funds with -$385.9 million in outflows, -0.8% of assets.

The managed futures industry experienced a second straight month of net redemptions in September, reporting $641.6 million in outflows. Three of four CTA subsectors tracked posted inflows for the month, however. Hybrid CTAs added $204.1 million, 1.1% of assets, Multi Advisor Futures Funds brought in nearly $116.0 million, 0.9% of assets, and Discretionary CTAs saw $59.9 million in inflows, 0.4% of assets. Systematic CTAs were alone for the month with -$905.6 million in redemptions, for a reduction of -0.3% in assets.

12-Month Flow Trends

For the 12 months through September the global hedge fund industry experienced $194.4 billion in inflows. A $368.4 billion trading profit over the period brought total industry assets to the $4.53 trillion figure as September ended, up from $4.52 trillion at the end of August and up from $3.41 trillion a year earlier.

Eleven of the 19 hedge fund subsectors tracked posted 12-month inflows through September. Fixed Income funds led the list of subsectors attracting new assets adding $79.5 billion, 10.3% of assets, while Sector Specific funds saw $56.8 billion in inflows, 25.3% of assets, and Multi-Strategy funds brought in $28.5 billion, 8.2% of assets.

Other subsectors with notable inflows included Event Driven funds which brought in $25.7 billion, 14.0% of assets, Emerging Markets - Asia funds adding $20.9 billion, 16.2% of assets, and Equity Long-Only funds with $14.4 billion in inflows, 9.7% of assets.

Subsectors with the largest 12-month outflows included Balanced (Stocks & Bonds) funds with -$25.4 billion in redemptions, -5.4% of assets, Equity Long Bias funds shedding -$14.9 billion, -4.6% of assets, Macro funds with -$12.7 billion in outflows, -7.1% of assets, Equity Market Neutral funds with -$4.8 billion in redemptions, -7.9% of assets, and Equity Long/Short funds with -$1.8 billion in outflows, -1.1% of assets.

Over the 12-month period through September the managed futures industry experienced $8.0 billion in inflows. A $27.9 billion trading profit over the period contributed to the industry's total assets of $343.0 billion at month's end, up from $303.6 billion a year earlier.

All four CTA subsectors continued to post net inflows for the 12-month period. Systematic CTAs added $3.1 billion through September, 1.1% of assets, Discretionary CTAs also brought in $3.1 billion, 26.4% of assets, Hybrid CTAs added $1.9 billion, 21.1% of assets, and Multi Advisor Futures Funds saw $891.3 million in inflows, 7.8% of assets.

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