Gains varied from a net loss of 0.5% to a net gain of 7.5% among the funds, while the S&P500 total return index gained 2% for the month.

Funds Available

• Energy Sector LS: Fundamental, AUM US$ 1.2 billion. Net gain of 7.6% for September 2024

• Asia Equity LS: Fundamental, AUM US$ 2.2 billion. Net gain of 1.5% for September 2024

• Middle East North Africa Equity LS: Fundamental, AUM US $1.0 billion.  Net gain of 1.5% for September 2024

• Biotech Sector LS: Fundamental, AUM US $400 million. Net gain of 0.6% for September 2024

Funds CBMA

• North America Equity LS: Multi-strategy, AUM US$ 250 million.  Net gain of 1.0% for September 2024

• VIX Arbitrage: Quantitative, AUM US$ 110 million. Net gain of -0.48% for September 2024

• Global Equity LS: Fundamental, AUM US$ 2.0 billion. Net gain of 4.5% for September 2024

• Macro Hybrid: Macro & Special Situation, AUM US $ 350 million. Net gain of -0.32% for September 2024

For reference, the average net return of the 8 profiled funds was 2% in September 2024.  Keep in mind that

• A diversified hedge fund investment portfolio includes at minimum 20-30 hedge funds. Averaging over 8 funds is not meaningful

• Initial selections include volatile gainers. You must use small allocations and hold them through losses if you choose to invest

• Do not focus on short-term over or underperformance, and Hedge funds usually lag the index in raging bull markets