Hedge funds returned just 0.84 per cent between January and August this year, new figures from Lyxor Asset Management showed, but data nevertheless contrasts with a 6.2 per cent fall in global equities over that period.

The Lyxor Hedge Fund Index, based on net asset values of funds, was up 0.05 per cent  in the month to 31 August, the figures showed.

So far this year, hedge funds have suffered a lacklustre period of performance on average; the Lyxor figures show that the highest year-to-date returns came from the Lyxor L/S Credit Arbitrage Index, at 8.5 per cent, with the biggest loser being the Lyxor L/S Equity Short Bias Index, down 8.7 per cent.

The MSCI World Index of developed countries’ equities fell by 6.2 per cent since the start of January, and on an annualised basis was up 1.54 per cent over one year.

Lyxor AM is a wholly-owned subsidiary of Société Générale, the French banking group.