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New downturn on hedge fund index

Hedge fund performance is in decline, as extreme volatility buffets the markets and scares investors away.The Morningstar 1000 hedge fund index fell 7.87 per cent last month.This drags its quarterly decline to 13.17 per cent - the index's worst-ever quarterly fall.Lehman Brothers' collapse, along with the subsequent round of bank nationalisations and takeovers, was blamed for September's downturn.Future fund performance is also unlikely to improve markedly, given last week's severe falls on the equities markets.The FTSE 100 index lost 21 per cent of its value from Monday to Friday.Nadia Van Dalen at Morningstar said: "In September, the financial world as we know it turned upside down. Hedge funds experienced poor borrowing, hedging and trading conditions, while liquidity dried up and volatility skyrocketed."

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