Hedge funds rebounded last year with a 9% gain, yet trailed the broader market.

The industry recovered from a 5.9% loss in 2018 as stocks sank, according to the Bloomberg Hedge Fund Indices.

The longest-running equities bull market in history is rewarding investors with outsized returns putting pressure on hedge fund managers to justify their fees. The S&P 500 Index soared about 32%, with dividends reinvested, in 2019.

Hedge funds rose 1.5% in December, according to preliminary figures compiled by Bloomberg and published Tuesday. The gains for 2019 were led by equity funds, which jumped 12%, the data show.

Bloomberg Hedge Fund Indices are based on funds reporting to the Bloomberg Hedge Fund Database.