New York — Hedge fund returns sank for a second straight month in March, the first back-to-back loss since the first two months of 2016, as trade wars, tech-sector woes and a Fed rate hike dragged down the S&P 500 from its mid-month highs and hedge funds into the red for the year.Hedge funds fell 0.56 per cent in the first quarter, compared with a 1.42% gain for the three months ended February 28, according to data compiled in the Bloomberg Hedge Fund Database.