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Macro and CTA hedge funds gained in September amid rate volatility

HFR data show the HFRI Fund Weighted Composite Index fell 0.7% in September, while macro and CTA strategies posted gains, including a 2.7% rise in the HFRI Macro (Total) Index.

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Macro and commodity-focused hedge funds extended a strong September run, with HFR citing rising interest rates and renewed stress in global bond markets as creating opportunities for trend-following and systematic strategies, according to Hedgeweek.

HFR said the HFRI Fund Weighted Composite Index fell an estimated 0.7% during the month, as gains in macro and CTA strategies outweighed declines across equity hedge, event-driven and relative value approaches.

Within macro, the HFRI Macro (Total) Index gained 2.7% in September, lifting its return for the first three quarters of 2026 to 12.2%. The HFRI Macro: Systematic Diversified/CTA Index rose 4.6% in September, bringing its year-to-date performance to 16.6%.

Hedgeweek also noted that HFR attributed parts of the managers’ performance to an unusual link between oil prices and interest rates, plus geopolitical uncertainty tied to the Iran conflict and disruptions to shipping, which added volatility across energy, commodities and trade-sensitive themes.

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