(Bloomberg) -- Equity hedge funds are getting a pick-me-up after a harsh 2016, when they suffered almost a third of the industry's withdrawals, amid a global stock rally.

The long-short strategy — the top performer — returned 3.2% in the first quarter on an asset-weighted basis, marking the best start to a year since 2013, according to Hedge Fund Research. Emerging markets had some of the most robust gains, with an average 5.5% return led by wagers in India and China.

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