After flocking from hedge funds in 2016, investors are beginning to find their way back.
In fact, March saw money came back into the $3.1 trillion industry at the fastest pace since August 2015 — a 20-month span that saw fund managers adjust fees and make other concessions as clients fled.
The month saw inflows of a healthy $15.7 billion, capping off a first quarter in which a fresh $21.9 billion in cash came in, according to industry tracker eVestment.
That follows a dismal year that saw $106 billion in outflows, the worst since the financial crisis, according to eVestment's count.
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.