Have given positive returns compared to losses for offshore funds. : Hedge funds located in India seem to have had an edge ahead of the elections. They have beaten offshore India hedge funds, reversing a period of underperformance recorded in the previous year, shows data from global hedge fund tracker Eurekahedge. Offshore funds were down 1.16 per cent on a year-to-date basis in 2019. Onshore funds were up 3.88 per cent, shows data up until April.