Hedge funds likely gained just over 2% in March, according to the Credit Suisse/Tremont Hedge Fund Index.

Preliminary estimates, based on 70% of assets reporting, indicate the broad index gained 2.09% in March, it reported on Friday.

The best performing strategy in the period was managed futures, returning an estimated 4.84%.

“Gains were largely generated from trades in equities, crops, base metals and particularly from short exposures to the Euro and Sterling,” the firm reported.

Emerging markets strategies returned an estimated 3.62% during the month, largely driven by profitable currency trades and strong equity performance across emerging markets, Credit Suisse said.

Event driven strategies were close behind, with an estimated 3.36% return in March. “Credit driven situations were the main drivers of returns in the space, as managers benefited from strong credit markets, which, in turn, were bolstered by a record level of junk bond sales,” it said.

Dedicated short bias managers struggled throughout the month, the firm said, finishing down an estimated 6.21%.