Money Trickles Back Into Hedge Funds, And Promptly Fails To Gain

The interest this year has come despite a period that was nothing special return-wise. The funds that eVestment track saw a 2.63 percent gain, well below the S&P 500's 6.1 percent move for the first quarter. March's jump in cash accompanied returns of just 0.33 percent.

Moreover, investors have been putting their money in the wrong places so far... More than half this year's inflow -- $11.46 billion -- has gone to macro-based funds, which have rewarded clients with a measly 0.77 percent return so far