Hedge funds faced a tough September amid a market downturn that saw major indices fall steeply over the course of the month, according to the latest monthly hedge fund update from Citco. The overall weighted return for hedge funds administered by Citco fell to -3.1% from the -0.6% seen in the previous month.

Commodities and global macro funds were the top performers, with positive returns of 1.9% and 1.8% respectively, while equities and multi-strategy provided some of the weakest returns with respective weighted average returns of -2.8% and -5.6%.

Larger funds fared worse than their smaller counterparts with those in the $3 billion-plus category recording a weighted average return of -3.7%.

One the positive side, daily average trade volumes were up 6.5% month over month in September, and some 14.5% higher than the same time last year. A new record was also set for treasury volumes, which were 33% ahead of the same month last year, and almost 10% higher than last month’s figures.