That beats equities and bonds on an absolute and risk-adjusted basis, metrics closely watched by institutional investors as they measure both the total return and the volatility.

AIMA’s analysis is based on funds with total assets under management (AUM) of roughly $1.1trn, with 65% reporting a positive performance.

Alternative data from Hedge Fund Research at the start of January suggested only 55% of all hedge funds posted gains for 2015.

The turbulent year began with major disruptions across in currency markets, notably the Swiss Franc episode in which the country’s central bank abandoned the cap on the currency's value against the euro

Steep declines for oil and energy commodities added to woes, combined with concerns over Chinese growth, rising geopolitical and terrorism threats as well as the first US interest rate rise in nearly a decade.

The best performing strategies, according to AIMA, were equity market neutral/quant (up 10.44%), long/short equity (up 6.79%) and multi-strategy (up 5.65%)

“While 2015 will not be remembered as a vintage year for the industry, the majority of hedge funds still produced positive returns amid challenging market conditions,” said Jack Inglis, CEO of AIMA.