The Dow Jones Industrial index beat the CSFB/Tremont Hedge Fund index, posting returns of 3%, against hedge fund returns of -1.1% in October.

Robert Sloan, chief executive officer of Credit Suisse First Boston Tremont index, said: &quotOctober was a month of uncertainty for long-only investors as the Dow recouped losses to finish up 3% for the month, but the Nasdaq finished down again at -8.3%.&quot