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Expand chart
Data: eVestment; Table: Axios Visuals

Hedge funds saw overall negative returns for the second month in a row in September and ended the quarter slightly negative, underperforming both the S&P 500 and a fund tracking 50% stocks and 50% bonds from around the globe, per eVestment data released Wednesday.

The big picture: Diversity within hedge funds continued to be a major theme, as fixed income and credit funds delivered positive gains last month, but broad financial derivatives funds returned losses of nearly 4%, dragging down the overall industry figures.

  • Size was a major diversifier again, with the 10 largest hedge funds generating solidly positive returns, and the 10 largest long/short funds turning in the best overall performance by size during the month.

Of note: Russia and China-focused funds have been the best performing funds of all types tracked by eVestment so far this year, delivering returns of nearly 16% and 15%, respectively.

Go deeper: The hedge fund moment is over

Go deeper

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Health: New coronavirus cases down, but more bad news ahead — Fighting COVID-19's effects on gender equality.
  2. Politics: Biden unveils "wartime" COVID strategyBiden's COVID-19 bubble.
  3. Vaccine: NYC postpones vaccine appointments following shipment delays — Private companies step in to fill vaccine logistics vacuum.
  4. World: Biden will order U.S. to rejoin World Health OrganizationBiden to bring U.S. into global COVAX initiative for equitable vaccine access.
Updated 2 hours ago - Politics & Policy

Congress grants waiver for retired Gen. Lloyd Austin to lead Pentagon

Defense Secretary nominee Lloyd Austin. Photo: Chip Somodevilla/Getty Images

Both chambers of Congress on Thursday voted to grant retired Gen. Lloyd Austin a waiver to lead the Pentagon, clearing the path to confirmation for President Biden's nominee for defense secretary.

Why it matters: Austin's nomination received pushback from some lawmakers, including Democrats, who cited a law that requires officers be out of the military for at least seven years before taking the job — a statute intended to reinforce the tradition of civilian control of the Pentagon.

McConnell proposes February impeachment trial

Sen. Mitch McConnell Photo: Kevin Dietsch-Pool/Getty Images

Senate Minority Leader Mitch McConnell (R-Ky.) is proposing that the impeachment trial of former President Trump begin in mid-February to allow for due process.

Why it matters: The impeachment trial is likely to grind other Senate business to a halt, including the confirmation process for President Biden's Cabinet nominees.