Expand chart
Data: eVestment; Table: Axios Visuals

Hedge funds delivered their first-half best performance in a decade, rising more than 7% overall, according to data from eVestment. The industry also saw gains in June after a downturn in May when investors sold losing funds and bought winners.

Between the lines: Hedge fund divergence continued with long/short, equity, and event-driven funds delivering the best returns so far this year, while FX, commodity and fixed-income funds barely had positive returns.

  • "Ken Griffin, who runs the $30 billion hedge-fund firm Citadel, is beating his largest rivals, gaining 13.6% in the first six months of the year in his flagship funds," Bloomberg's Katia Porzecanski reports.

Yes, but: The strong year-to-date performance still lagged the S&P 500 by more than 10%, and hedge funds were outgained by 4% by what eVestment described as a "global balanced benchmark" of 50% global stocks and 50% global bonds.

Go deeper: The hedge fund moment is over

Go deeper

Biden enters final stretch with huge cash advantage over Trump

Democratic presidential nominee Joe Biden in Wilmington, Delaware, on Monday. Photo: Drew Angerer/Getty Images

Democratic presidential nominee Joe Biden had $177.3 million in the bank at the end of September, per the latest Federal Election Commission filings.

Why it matters: President Trump's re-election campaign reported having $63.1 million in the bank at the end of last month.

Of note: Trump was well ahead of Biden earlier in the year.

Go deeper: The green tsunami

Editor's note: This is a developing news story. Please check back for updates.

Updated 15 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Americans feel Trump's sickness makes him harder to trustFlorida breaks record for in-person early voting — McConnell urges White House not to strike stimulus deal before election — Republican senators defend Fauci as Trump escalates attacks.
  2. Health: The next wave is gaining steam.
  3. Education: Schools haven't become hotspots — University of Michigan students ordered to shelter-in-place.
  4. World: Ireland moving back into lockdown — Argentina becomes 5th country to report 1 million infections.

Court allows North Carolina mail-in ballots deadline extension

An absentee ballot election worker stuffs ballot applications at the Mecklenburg County Board of Elections office in Charlotte, North Carolina, in September. Photo: Logan Cyrus/AFP via Getty Images

North Carolina can accept absentee ballots that are postmarked Nov. 3 on Election Day until Nov. 12, a federal appeals court decided Tuesday in a 12-3 majority ruling.

Why it matters: The 4th Circuit Court of Appeals' ruling against state and national Republican leaders settles a lawsuit brought by a group representing retirees, and it could see scores of additional votes counted in the key battleground state.