The HFN Emerging Markets Average was down 2.36 per cent in March and negative 4.27 per cent in the first quarter this year. HFN’s regional and country-specific benchmarks show funds investing in India dipped by 12.52 per cent in March and a negative 25.49 per cent in Q1, while those investing in China were negative 6.13 per cent in March and down 13.28 per cent in the first quarter, HedgeFund.net said.