Since the financial crisis, funds of hedge funds have been on the defensive, fighting back against the perception that they aren’t worth the fees they charge. It seems their efforts may finally be paying off.

Last year was the first year since 2011 that funds of hedge funds took in more money than they lost - a net $33 billion gain, according to figures from Preqin. Those net inflows have continued in the first quarter of this year, with an additional $8 billion.