Wednesday's Lipper Awards were; "Based on our quantitative fund rating methodology, the Lipper Hedge Fund Awards recognize the combined return and risk achievements of hedge fund managers," Gabriel Burstein, Lipper's head of global research, said in a statement.

Over 1,041 funds were eligible. "The winning hedge funds were those with the highest effective return value within each eligible LipperTASS classification for hedge fund strategies." The calculation period extended over 12 consecutive months ending Dec. 31, Lipper said.

Top Ten Hedge Funds for their sector in North America;

Inflective Convertible Opportunity fund in the Convertible arbitrage category;

Qinhan China fund in the emerging markets space;

Di Tomasso Equilibrium Trading Program fund in the CTA Commodity Trading Advisors category;

Molnir Market Neutral fund in the equity market neutral category;

Dynamic Power Hedge fund for event-driven;

Obsidian fund in fixed income arbitrage;

Balestra Capital Partners fund in the global macro category;

Passport 1 LP Global Strategy fund in the long/short equity category;

Quantitative Global LLC for managed futures;

Narragansett Fund for multi-strategies.