Hedge funds fell by almost 2% last month, dragged down by poor performances from mergers and special situations funds and equity long/short offerings, according to estimated figures from RBC Capital Markets.

Overall, the investable RBC Hedge 250 Index fell by 1.82% in January after a 0.45% rise in December. Investors in mergers and special situations and equity long/short funds in particular suffered, dropping 3.95% and 3.44%, respectively. Equity-market neutral funds also had a bad month, losing 3.06%.

Other losers included multi-strategy funds, which declined by 1.55%, and event-driven credit funds, which fell 1.17%. Fixed-income arbitrage hedge funds also found themselves in the red, but just barely, dropping 0.1%.

The news wasn’t bad for everyone. Managed futures funds returned 3.1% last month, while macro funds added 2.72%. Convertible arbitrage funds also finished January in the black, at 1.5%.