Hedge funds have remained in the green, year to date with only two exceptions, according to a report by Forbes that cites data from Citco and the PivotalPath Composite Index.

According to the report, 73.2% of the funds administered by Citco have generated positive returns for 2023 after three quarters, while  PivotalPath recorded a similar percentage, with 75% of the funds it tracks in the green for 2023, with an average return of 9.1%.

The worst performing strategy so far has been event driven funds, while PivotalPath's best-performing strategy was managed futures, which gained 2.8%, followed by global macro, which gained 1.9%. The firm's worst-performing strategies were the equity sector, which declined 1.8%, followed by equity diversified, which fell 1.2%.

The possibility of a global slowdown and hard landing amid the higher-for-longer interest-rate policies were noted as concerns for hedge funds in Q3 by PivotalPath, in the report.