Commodities and Managed Futures lead September 2026 asset performance

In September 2026, hedge funds saw mixed results, with the HFRI Fund Weighted Composite Index declining by an estimated 0.7%. This decline was driven by losses in Equity Hedge, Event-Driven, and Relative Value strategies, which offset significant gains in Macro strategies.

Commodities and Managed Futures were the standout performers. Commodities led all asset classes with a monthly gain of 4.53%, extending their year-to-date return to 54.26%. Managed Futures also saw growth, rising 4.11% for the month, marking its fourth consecutive positive month.

Other asset classes faced downward pressure. World stocks fell 2.30% and U.S. stocks slipped 0.33%. Bonds declined by 2.55%, remaining the only asset class with a negative year-to-date return of -2.73%. U.S. Real Estate experienced the sharpest monthly drop, falling 6.71%.

HFR President Kenneth J. Heinz noted that managers capitalized on a trend involving the correlation between oil and interest rates. The month highlighted the role of trend and macro allocations in providing diversification within institutional portfolios.