Apostle's Loomis Sayles Credit Opportunities Fund was up 1.07% for the month, bringing their return for the year to 28.25%, although looking at the last two years the fund is still down 3.69%.

Prodigal's Absolute Cayman Fund had another strong performance in October, up 3.87%, continuing a trend that has seen the fund gain almost 60% since the start of this year.

Fortitude's onshore fund continues to produce positive returns as equity markets falter.

Herschel's Absolute return fund has reported a gain of 1.2% for October, largley due to investments in Galaxy Resources, Share Price Index Futures, Ten Network and Virgin Blue.

Commodity Strategies reported an estimated return of 4.90% for their long/short fund in October with energies, and to a lesser extent metals, contributing significantly to the strong result.

Apeiron reported a positive return for October, but is not convinced that the Federal Reserve can continue providing US banks with unlimited cheap credit forever.

Bennelong's Long Short Equity Fund reported strong growth of 2.65% for the month, although the manager says that this was achieved with modest turnover and most activity for the fund consisted of closing mature positions.

Regal's Tasman Market Neutral Fund managed an 8.44% return in October on the back of strong performances of both its long and short positions.

The Ascot Fund achieved an estimated return (net of fees) of -0.08% for the month of October, essentially flat for the month. This compares to the broader market (XJO) which declined 2.12%.

Regal said that good performance from both long and short positions contributed to the fund's strong result in a month when the ASX fell around 2%.