A bunch of the top-performing hedge funds stumbled in March

Reuters/ Andres Stapff

The first quarter is finally over.

Stocks finished in the green after getting crushed in January and February. Oil prices also bottomed out at around $27, and are now trading around $37.

The rebound in the market helped the average hedge fund gain 1.27% in March, according to Hedge Fund Research.

You’d think that market rebound would be good news for the top-performing funds of 2016.

Not so. Some of the top performers this year saw some of their gains erased, even though they’re still up for the year.

Here’s a rundown of the top 10 performers in 2016, according to data from HSBC. Many of them stumbled in March, bringing down their year-to-date returns. The average hedge fund is down 1.85% this year:

• Tulip Trend Fund Ltd. -A (managed futures): The $274 million managed-futures fund managed by Progressive Capital Partners is up 16.75% for the year through March 25. The fund fell 7.12% in March.
• Arctic Blue Capital 3X (macro): The $65 million fund run by Jean-Jacques Duhot was up 15.9% through the end of February after gaining 12.10% in the month. The March numbers were not posted.
• Passport Special Opportunities Fund Ltd. Class AA (equity-diversified/global): The $550 million long/short global-equity fund led by John Burbank was up 14.49% through the end of February after falling 1.3% during the month. Passport’s March numbers were not posted. The fund was among the 20 best performers in 2015, finishing the year up 17.81%. Since the fund’s inception in 2008, it has produced annualized returns of 14.88%.
• Saba Capital Offshore Fund (credit):The $1.46 billion credit fund led by Boaz Weinstein is up 11.6% through March 24. Saba fell 1.77% in March. The average credit fund HSBC follows is down 2.42% in 2016. Saba finished 2015 up 3.36%.
• Renaissance Institutional Equities LP (equity-diversified/USA): The $2.18 billion equity-diversified fund was up 10.88% through March 25. Meanwhile, the average US equity-diversified fund has tumbled 4.76% in 2016. The fund finished 2015 up 16.54%.
• Conquest Macro Fund Ltd. (managed futures): The $199 millionsystematic short-term trading CTA led by Marc Malek is up 10% through March 30. The fund erased much of its gains in March, falling 12.17%. The fund ended up 2.28% in 2015.
• Dorset Energy Fund, Ltd. Class A (energy-focused equity long/short): The $120 million fund is up 9.74% through March 25 after gaining 25.43% in March. Dorset, comanaged by David Knott and Donald Textor, was one of the worst performers in HSBC’s ranking in 2015, ending the year down 44%. The fund also fell 27% in 2014.
• Fort Global Diversified (managed futures): The $369 million fund, comanaged by Yves Balcer and Sanjiv Kumar, is up 9.56% through March 25. The fund fell 2.35% in March.
• Ortus Aggressive Fund (managed futures): The $163 million fund run by Joe Zhou gained 9.44% through February 29. The fund’s March performance was not available.
• Roy G. Niederhoffer Diversified Offshore Fund (managed futures): The $811 million fund led by Roy Niederhoffer was up 9.28% through March 30. The fund fell 6.10% in March. The fund ended 2015 up 4.32%. The fund has produced annualized returns of 18.73% since its inception in 1995.