Hedge funds saw modest gains in the first quarter, with the Hedge Fund Research’s HFRI Fund Weighted Composite Index gaining 2.56%. Hedge funds saw inflows of $13.7 billion during the quarter, while a rising market contributed $54 billion to the hedge fund industry’s $1.67 trillion in total capital.

The largest hedge funds benefited from the inflows, with firms in excess of $5 billion in assets pulling in $14.9 billion in new investment dollars. Hedge funds under that asset level experienced net outflows of $3.7 billion in the first quarter. Hedge funds in excess of $5 billion now account for 62% of all industry capital.

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