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"In the last two months, the levels of concentration of net inflows to the highest amassing group has been higher than the entire post pandemic onset period," Laurelli said. "This simply means that over the last two months a small group of hedge funds have been receiving a larger proportion of new allocations. That is, in general, not a desirable trait for the broad health of the industry."

From a strategy perspective, capital-raising themes have mostly stayed the same for several months, according to the new eVestment data. Multi-Strategy funds continued to see strong inflows in April, with investors adding +$2.49 billion to these funds. This brings year to date (YTD) inflows for this group to +$12.71 billion. Managed futures funds also saw inflows in April, with investors adding +$1.40 billion, bringing YTD inflows to +$5.68 billion.

Long/Short Equity funds saw investors pull -$2.87 billion in April, bringing YTD outflows from these funds to -$12.11 billion. This is the largest monthly and YTD outflows among all primary strategies eVestment tracks.

Macro funds also saw meaningful investor redemptions in April, with investors pulling -$2.26 billion from these funds. This brings YTD outflows to -$7.01 billion.

Among fund types, Fixed Income/Credit funds were the big asset losers in April, with investors pulling -$4.29 billion from these funds, bringing YTD outflows to -$21.21 billion.

Besides Multi-Strategy and Managed Futures funds, the only other primary strategy eVestment tracks to see inflows in April were Distressed funds, which saw +$120 million in new investor money.