Reuters / Brendan McDermid Equity hedge funds are off to their best start to a year since 2009, but they're still trailing the S&P 500. In a market that's been largely devoid of price swings, hedge funds have been piling into the same proven stocks. The performance of stock hedge funds this year isn't exactly providing a ringing endorsement for the industry. The average fund is up 7% in 2017, the best seven-month start to a year since 2009, when the market hit its post-financial crisis bottom and embarked upon the ongoing bull market, according to Goldman Sachs.