NHX CTA Index Recorded September Gains

Trend-following strategies outperformed as global bond market volatility drove significant fixed income returns.

Updated on Oct. 6, 2026 in Stock Markets

Isometric editorial illustration of a brass valve and iron weight, representing market balance and trend-following strategies. — The NHX CTA Index rose in September 2026 as trend-following managers leveraged volatility in global fixed income and energy markets to outperform equity benchmarks. AI Illustration. Upload story photo >

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The NHX CTA Index posted positive returns in September 2026, driven largely by gains in fixed income and energy markets. These results arrived as rising oil prices and higher borrowing costs exerted pressure on broader equity valuations.

Why it matters

The performance reflects how trend-following managers successfully navigated a volatile environment marked by a global bond selloff. These gains provide a buffer for investors while expectations for near-term interest rate cuts by the Federal Reserve are delayed.

The 10-year Treasury yield climbed above 5.2 percent, marking its highest point since 2007. Meanwhile, crude oil prices approached $110 per barrel as market participants responded to shifting global economic conditions.

The players

Federal Reserve

The central bank of the United States oversees monetary policy and recently implemented an interest-rate hike.

Lynx

This investment management firm is one of several CTA managers that reported positive returns for the month.

SEB Asset Selection

This institutional investment manager was among the entities reporting successful performance within the index.

The details

Managers including Calculo Altus, Lynx, and SEB Asset Selection reported positive returns, capitalizing on trends in fixed income and energy. In contrast, Epoque reported negative returns for the month as rising interest rates and oil costs created a challenging environment for equity holdings.

September 2026 was the period in which the index recorded its positive performance.
August 2026 preceded this performance, with the index having experienced a strong month.
2007 was the last time the 10-year Treasury yield reached levels comparable to the current 5.2 percent figure.

Market Dynamics

The current bond market volatility reflects a return to high-rate environments not seen since the 2007 Treasury yield peak. This shift signals a departure from the low-interest-rate eras that dominated the previous decade, forcing managers to adapt to higher borrowing costs.

Retail investors may see increased volatility in their fixed-income portfolios due to the ongoing bond market selloff. Higher Treasury yields often lead to increased borrowing costs for mortgages and consumer loans, impacting personal household budgets.

The takeaway

The recent performance of CTA funds highlights the effectiveness of trend-following strategies during periods of global bond market instability. Investors should remain mindful that rising oil prices and Treasury yields continue to delay anticipated interest rate relief.