According to The Street.com's Mark DeCambre, hedge fund managers rebounded to post boffo returns last month after suffering through the dog days of August.

And according to Chicago-based industry data group Hedge Fund Research, hedge fund strategies generated returns, net of fees, of 2.98% in September.

That amounts to the second-best September return - the best was 1997 when hedge fund strategies generated 3.72% - in HFR's weighted composite index since it began tracking returns in 1990, says HFR President Ken Heinz.