In summary...
Hedge funds generated positive performance during Q3 2025, up 4.1%, outperforming bonds, but underperforming equities.
All master strategies had positive returns for all three months during the quarter; all master strategies have positive returns YTD.
35 out of 38 sub-strategies had positive returns during the quarter.
Equity l/s was the top strategy for Q3, returning 6.5%.
Credit was the weakest performing master strategy during the quarter, it was up 2.4%.
Industry AUM has grown YTD, predominantly from positive P&L, but also from modest positive inflows into hedge funds.
