Marking the fourth consecutive quarter of outflows, $22.1bn left the hedge fund industry in Q1 2019 - and yet, despite this net capital withdrawal, industry assets under management (AuM) grew by 3.3% to reach $3.56tn. According to Preqin, despite only 37% of credit strategies funds recording inflows, the strategy attracted net inflows of $6.6bn in the quarter. Only macro strategies were able to join credit strategies in positive capital flow territory with a modest $0.1bn. Equity strategies suffered a $9.9bn outflow in Q1, the largest recorded by any top-level strategy tracked by Preqin.