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CTA/managed futures was the top-performing strategy in September with gains of 1.5%, its second consecutive positive monthly return. Q3 returns now stand at 8.8%. These funds have successfully capitalized on the economic turbulence caused by rising inflation, a stronger dollar, and declining equity and bond markets to generate superior returns.

63% of CTA/managed futures funds posted positive returns in September. Conversely, only around 30% of global hedge funds managed to put up positive numbers.

Macro was the second-best performing strategy in September, but declined by -0.2% ending a two-month streak of positive returns.

Returns were mixed across sub-strategies in September, with trend-following (5.2%) and FX (5.1%) performing the best while long-bias (-5.4%) fared the worst. Trend-following (19.1%) and FX-focused (16.9%) funds have performed exceptionally well in 2022, as these funds have managed to capitalize on the turbulence in the equity, bond and currency markets to generate strong returns.

Funds focused on North America (-3.0%), Europe (-2.9%) and Asia (-2.8%) posted steep declines in September, as the ongoing Russia-Ukraine war, hawkish central bank policies to curb soaring inflation and persistent lockdowns in China weakened global equity and bond market performance significantly.