September was a challenging month for global markets and the overall hedge fund industry was down for the month. According to Deutsche Bank’s latest Hedge Fund Trends report though, hedge funds outperformed compared with market indices. The median fund lost 0.69 per cent last month while the MSCI World index was down 3.86 per cent and the S&P 500 was down 2.64 per cent. Median fund performance for all strategies now stands at 0.90 per cent through the end of the third quarter again outperforming major global indices as illustrated on figure 3 on the right. Market Neutral and Credit...