Hedge funds edged higher in October, building on positive momentum and increased exposure to risk and returning 1.80% overall, according to the Lipper Hedge Fund Composite Index. October’s return brought year-to-date performance to a positive 5.13%. On a rolling-period basis year-on-year performance at the end of October came in at a healthy 6.13%. Managed Futures (+3.04%) ranked at the top of the monthly performance league table for October. After holding the top spot in September the Long-Bias strategy performed solidly in October (+2.78% month on month, +8.06% year to date). In line with emerging stock market performance the Emerging Markets strategy posted a healthy return for October (+2.28% month on month, 7.36% year to date). Emerging-markets strategies benefited from stock market rallies in all of the emerging regions. Multi-Strategies consolidated September’s gains, delivering a healthy 1.50% month on month (+5.21% year to date).