In summary...
Hedge funds generated positive performance during Q3, up 2.4%, but underperformed both bonds and equities.
Strategies that typically have a higher beta to equities were the top performers during Q3: long biased was up 5.1% in Q3, and up 12.4% YTD, and equity long/short was up 2.9% in Q3 and up 11.3% YTD.
Quant dropped from being the top performing strategy in H1 to the second from bottom YTD, after returning -2.3% for the quarter.
Arbitrage remains the bottom performing strategy YTD, returning 4.2%
Industry AUM grew over the quarter with positive P&L offsetting net outflows.
