Hedge fund assets under management (AUM) reached an all-time high for the industry by the end of 2019.

A new report by Preqin shows that assets reached $3.66 trillion thanks to strong performance offsetting redemptions.

During the fourth quarter, Preqin says that outflows totaled $15.4 million. It was the seventh-straight quarter of outflows.

For the year, total outflows reached $97.2 billion.

Hedge Fund AUM in 2019 – A Breakdown

Equity strategies were able to attract capital over the quarter. Net inflows totaled $4.0 billion for the fourth quarter. The interesting point is that just 39% of equity strategies did record inflows. Equity strategies kicked off the first quarter with AUM of $955 million, a 12% jump year-over-year. Preqin said that it expects that Equity Strategies will become the second subgroup to top $1 trillion in AUM.

The only other strategies to record inflows for the quarter were relative value and niche strategies at $1.3billion and $0.6 billion, respectively.

Credit strategies had a tough quarter with outflows of $7.0 billion.

On the regional front, North American funds saw the largest withdraws during the quarter at $29.7 billion. This brought total North American outflows in 2019 to $64.6 billion.

Every other region experienced inflows. Asia-Pacific was the top source of inflow at $6.7 billion.

Related: September Hedge Fund Redemptions Continue into Fourth Straight Month