Things are still miserable for hedge funds. 2014 started out as their worst year since 2008, and according to a report by research firm Preqin, it's not getting any better. The best-performing strategy isn't even up an average of 1%.

After last year when the S&P climbed over 30%, this performance is like getting dunked in an ice cold lake. Even David Tepper, king of the CNBC appearance rally, warned a room full of hedge fund managers at SALT 2014 last week that he's nervous.

"I think we're OK. But, listen, there's times to make money and there's times not to lose money," said Tepper. "... you're supposed to think about preserving some of your money ... I think you can still be long, but I think you're supposed to have some cash now."

In April, the best-performing strategy — event driven funds — were up a mere 0.60% on average. The worst-performing strategy — long/short, the original hedge fund game — is down an average of -0.42%.

The worst region to be in is Asia, where funds are down an average of -0.52%. The best spot — if you can even call it that — is the developed world where funds are up an average of 0.92%.

As Tepper said: "I'm not saying go short. Just don't go too friggin long."

Get the full run down of how hedge fund strategies and regions around the world are doing below:

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