The Credit Suisse/Tremont Hedge Fund Index rose 0.13 percent in September, as the Fed’s decision to maintain current interest rates encouraged investors hoping for an end to rate increases.

Event-driven managers benefited from upward equity market trends in developed countries and posted a positive performance of 0.60 percent for September. Dedicated short-bias managers, however, were inversely affected by those trends and ended the month down 3.11 percent.

Managed future managers were hamstrung by declining energy prices and suffered a negative performance of 1.15 percent in September after a jump of 1.39 percent the previous month.

The Investable Hedge Fund Index was down an estimated 0.19 percent for September after a confirmed increase of 0.54 percent in August.

Year to date, the Hedge Fund Index has returned 7.64 percent. The Investable Index is up 5.39 percent.

The Credit Suisse/Tremont Hedge Fund Index is the largest hedge fund index, with $443 billion in assets managed by 432 funds. Sixty of them were selected in 2003 to create the Investable Hedge Fund Index, designed to provide investors broad exposure to hedge funds.