Funds fall in first quarter

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As early performance reports amend our estimates, March increasingly appears to have been a bad month for the hedge fund industry, with the Absolute Return Composite Index dropping an estimated 0.83%. If confirmed, this would drag the year-to-date loss for the Composite down 0.78%, as many strategies gave back the gains made in February. 

The composite is having its sixth-worst month since it started, but August and November of 07 were worse, as was January of this year.

Global, U.S. and technology equity funds continued their terrible start to 2008 with the respective indices dropping an estimated 2.43%, 0.95%