Hedge fund performance dipped marginally (-0.4%) in October ending a run of positive returns that stretched back to May, with a number of strategy types experiencing declines, according to the latest Monthly Hedge Fund Update from Citco.

The data shows that global macro funds led the way with a weighted average return of 1%, followed by fixed income arbitrage funds at 0.7% and equity strategies at 0.4%.

Assets under administration categories were all marginally negative in October. Mid-sized funds, those between $200-$500m and $500m-$1b, were the best performers, at 0.2% each.

Commodities driven funds were the biggest underperformers, with a -2.5% weighted average return, followed by multi-strategy and event driven funds, -1.3% and -0.6%, respectively.

Over half of funds were in positive territory (51%).

Hedge funds saw net inflows of $0.9bn in October, with those administered by the $2tn AUA asset-servicer achieving an overall weighted average return of 10.6% in 2024 to date.

Treasury payment volumes in October hit a new high with 55,161 transactions – well ahead of its July peak of 52,650.

Funds in the Americas and Europe saw positive net inflows in October, $1.1bn and $0.3bn respectively, while Asia saw a net outflow of $0.5bn.