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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 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. Managed futures have been the biggest laggard class, down 0.3 percent, while still attracting a healthy $6.47 trillion in new cash.
Equity has been the best strategy, with a return just shy of 4 percent, and has attracted $5.64 billion.
During January and February, more than 70 percent of funds produced positive returns; in March the number dropped to 60 percent, but both figures were above the two-year average of 56 percent.
Over the past several years, large funds have performed best, though this year funds with less than $250 million in assets have led, gaining 2.76 percent.
Correction: Investors flocked from hedge funds in 2016. An earlier version misstated the year.
Watch: Hedge funds turn to big data investing