(Bloomberg) -- Hedge funds saw net inflows for the first time since February, with the industry bringing in $1.7 billion in May, according to data provider eVestment.

Still, redemptions for the year stood at more than $30 billion, the firm said in a report.

Hedge funds have been grappling with extreme trading conditions this year, with some of the industry’s biggest names getting pummeled in March when stocks tumbled. The industry posted losses of about 5% for the first five months of the year, according to data compiled by Bloomberg, compared with the S&P 500 index’s 5.8% drop. Some firms, including Seth Klarman’s Baupost Group, have opened to fresh money, hoping to capitalize on market dislocations spurred by the coronavirus pandemic.

“This is not how an industry grows and thrives,” eVestment said in its report. “Hedge fund AUM has hovered near $3 trillion since the middle of 2014. More than anything else, performance has been the primary reason preventing assets from falling.”

Among the other findings:

  • After three months of redemptions, macro hedge funds saw some inflows, bringing in about $5.1 billion in May.
  • Investors also poured money into credit and event-driven strategies in the month.
  • Long-short equity hedge funds saw the most redemptions at about $5 billion.
  • Managed futures saw slight outflows in the month, though elevated redemptions remain for some. “The state of the managed futures universe remains fairly negative, despite there being a few pockets of interest,” eVestment said.

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