The Lyxor Hedge Fund Index delivered a return of 2.82 per cent between January and end-September this year, leaving the index some way to rally if it is to surpass the 5.15 per cent result for the whole of 2009, new figures show.

In September alone, the index rose 1.97 per cent, recovering from a recent period of weakness. Other recent data from trackers such as Hedge Fund Research shows that its HFRX snapshot of returns was 1.72 per cent in September when compared with August.

The Lxyor figures show that the top performing individual strategies in September were Special Situations (4 per cent); Long/Short Equity Long Bias (3.9 per cent) and the Global Macro sector (2.47 per cent).

For the purposes of its classification, Special Situations refers to investment strategies in which bonds or stocks are targeted when their values are affected by industry mergers, acquisitions, spin-offs and restructuring.

The index performance data is provided by Lyxor Asset Management, which is part of Société Générale.