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Returns were positive across strategies in October, with event-driven (2.3%) leading the field.

Event-driven was the top-performing strategy in October reversing a run of negative monthly returns. These funds have successfully capitalized on the equity rally and the unexpectedly early closing of Elon Musk's Twitter purchase.

Long/short equity (1.8%) and relative value (1.7%) were also strong performers in October aided down by the stronger performance of the equity and bond markets even as global central banks continue to hike interest rates to combat rapid inflation.

Among sub-strategies, trend-following (20%) and FX (14%) funds have performed well in 2022, managing to capitalize on the volatility in the equity, bond and currency markets to generate superior returns.

Across regions, funds focused on North America (2.5%) and Europe (1.7%) posted significant upticks in October as hawkish central bank policies to curb soaring inflation began to impact markets. Asia posted another decline (-1.5%) as persistent Covid lockdowns in China and impaired US-China relations significantly weakened performance across the region.