A small group of hedge funds have been killing it amid the market chaos

Markets have been brutalized in the first two weeks of 2016, with stocks getting slammed and oil hitting a 12-year low.

The year is already shaping up to be another challenging one for hedge funds.

Hedge funds this year are down 2.04% on average through Wednesday, according to data from Hedge Fund Research.

To put it in perspective, hedge funds on average finished 2015 down 3.49%, according to HFR.

There have, however, been a few standout hedge funds in the first two weeks of 2016 trading.

Below are the top five performers, according to performance data compiled by HSBC.

• Horseman Global Fund USD (Russell Clark and Bobby Turnbull): Horseman's $867 million global equity/diversified fund is up 10.49% through Wednesday, according to HSBC. Horseman Global was one of the 20 best performers in 2015, ending the year up 20.42%.
• Conquest Macro Fund LTD (Marc Malek): The $206 million macro fund is up 10.2% through Wednesday. The fund ended 2015 up 2.28%.
• Roy. G. Niederhoffer Diversified Offshore Fund (Roy Niederhoffer): The $707 million quant fund is up 8.9% through Wednesday, according to HSBC. The fund finished 2015 up 4.32%.
• Eagle Global (Menachem Sternberg): The $44 million quant fund is up 6.31% through last Friday, according to HSBC. The fund fell 9.55% in 2015.
• Boronia Diversified Fund Master (Richard Grinham and Angus Grinham): The $53 million quant fund is up 5.53%, according to HSBC. The fund fell 4.54% in 2015.

It's a marathon, not a sprint. Anything can happen in the next 12 months.