Funds with exposure to equities and directional biases suffered the most losses in 2011 as there were no strong trends during the year, said data provider Eurekahedge, which CTA/Managed Futures Hedge Fund Index was up 0.4% and down 3.04% for 2011 (compared to the main Hedge Fund Index which was down 0.21% for the month, and down 4.16% for the year).