UCITS delivered positive returns to investors for the third consecutive month in September. According to the latest figures released by the UCITS Alternative Index, UCITS gained 0.42 per cent to leave them at +0.28 per cent for the year; still way off the +9.27 per cent that delivered for 2009. September was a much better month with US equities performing strongly, the S&P 500 gaining over 9 per cent to post one of the strongest bull rallies since 1939. Somewhat surprisingly, however, Equity L/S was not the biggest winner. It gained 0.93 per cent, lagging behind Emerging Markets (+1.37 per cent) and Event-Driven (+1.46 per cent) respectively. Year-to-date, Event-Driven is now at +3.47 per cent, just behind Fixed Income, which, at +3.75 per cent, remains the strongest UCITS strategy in 2010. The biggest losers for September were Commodities (-1.96 per cent) and CTA (-0.39 per cent). The former is now down -6.76 per cent for the year having only locked in positive returns once in the last five months (+0.50 per cent in July). Meanwhile, UCITS Fund of Funds is still finding it hard to gain momentum, down -0.31 per cent to leave it at -1.49 per cent YTD. September is now its fifth consecutive losing month; a worrying trend.