The big story in March was the extreme volatility and sudden reversals in major markets. CTAs, who are typically momentum players, were the ones who got hurt most. While the biggest players such as AHL and Aspect Diversified dropped around 8% on the month, the median loss was more modest at -3.32%. Even after this big hit, however, most CTAs are still well ahead for the year and their median performance of 3.33% remains the best in the industry. Convertibles managers also kept it going well in March after a very strong run in the previous six months.