All six hedge fund strategies covered by Dow Jones Hedge Fund Indexes posted net-of-fees gains in September 2006.
Event driven was the best performing strategy for the month with a net-of-fee gain of 1.10%. The remaining strategies were up less than 1% for the month with gains ranging from 0.19% (equity long/short) to 0.93% (distressed securities).
So far all of the strategies have posted gains in all of the calendar quarters in 2006 except for equity long/short – the strategy was down in the second quarter. For the most recent quarter ending September 2006, convertible arbitrage and distressed securities posted the strongest returns of 3.27% and 2.02%, respectively, while equity long/short posted the weakest return of 0.05%.
Year to date, the distressed securities benchmark continues to lead the six strategies with a gain of 9.54% while the equity long/short benchmark continues to lag with a gain of 2.23%.
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