A bunch of the top-performing hedge funds stumbled in March

The first quarter is finally over.

Stocks finished in the green after getting crushed in January and February. Oil prices also bottomed out at around $27, and are now trading around $37.

The rebound in the market helped the average hedge fund gained 1.27% in March, according to Hedge Fund Research.

You'd think that market rebound would be good news for the top performing hedge funds of 2016.

Not so. Some of the top performers for 2016 saw some of their gains erased, even though they're still up for the year.

Here's a rundown of the top 10 performers in 2016, according to data from HSBC. Many of them stumbled in March, bringing down their year-to-date returns. The average hedge fund is down 1.85% this year.

• Tulip Trend Fund, LTD -A (managed futures): The $274 million managed futures fund managed by Progressive Capital Partners is up 16.75% for the year through March 25. The fund fell 7.12% in March.
• Arctic Blue Capital 3X (macro): The $65 million fund run by Jean-Jacques Duhot was up 15.9% through the end of February after gaining 12.10% in the month. The March numbers were not posted.
• Passport Special Opportunities Fund LTD Class AA (equity-diversified/global): The $550 million long/short global equity fund led by John Burbank was up 14.49% through the end of February after falling 1.3% during the month (Passport's March numbers were not posted). The fund was among the 20 best performers in 2015, finishing the year up 17.81%. Since the fund's inception in 2008, it has produced annualized returns of 14.88%.
• Saba Capital Offshore Fund (credit): The $1.46 billion credit fund led by Boaz Weinstein is up 11.6% through March 24. Saba fell 1.77% in March. The average credit fund HSBC follows is down 2.42% in 2016. Saba finished 2015 up 3.36%.
• Renaissance Institutional Equities LP (equity-diversified/USA): The $2.18 billion equity-diversified fund was up 10.88% through March 25. Meanwhile, the average US equity-diversified fund has tumbled 4.76% in 2016. The fund finished 2015 up 16.54%.
• Conquest Macro Fund LTD (managed futures): The $199 million systematic short-term trading CTA led by Marc Malek is up 10% through March 30. The fund erased much of its gains in March, falling 12.17%. The fund ended up 2.28% in 2015.
• Dorset Energy Fund, LTD- Class A (energy-focused equity long/short): The $120 million fund is up 9.74% through March 25 after gaining 25.43% in March. Dorset, which is comanaged by David Knott and Donald Textor, was one of the worst performers in HSBC's ranking in 2015, ending the year down 44%. The fund also fell 27% in 2014.
• Fort Global Diversified (managed futures): The $369 million fund, comanaged by Yves Balcer and Sanjiv Kumar, is up 9.56% through March 25. The fund fell 2.35% in March.
• Ortus Aggressive Fund (managed futures): The $163 million fund run by Joe Zhou gained 9.44% through February 29. The fund's March performance was not available.
• Roy G. Niederhoffer Diversified Offshore Fund (managed futures): The $811 million fund led by Roy Niederhoffer was up 9.28% through March 30. The fund fell 6.10% in March. The fund ended 2015 up 4.32%. The fund has produced annualized returns of 18.73% since its inception in 1995.