Even Lee Ainslie's stock-oriented Maverick Capital, which gained 16 percent last year, was down only 0.35 percent early in the month, sidestepping the dramatic sell off so far. Similarly BlueMountain's Long Short Equity Fund LP slipped only 0.37 percent this year after ending 2015 up 2.79 percent.

Analysts at Credit Suisse's prime services division said hedge funds' relatively low exposure to stocks, which they say is near a two-year low, plus smart sector bets, helped even stock-focused fund managers absorb January's equity rout, with estimated losses of only 1.2 percent to 1.6 percent through the end of last week.

Hedge funds have lost less money in bets on financial stocks, industrial stocks, and consumer discretionary stocks, Credit Suisse found. Since the early part of the month, hedge funds have seen their long bets underperform a bit, but short positions have outperformed, the firm said.

For some, tumbling markets are putting their favorite names on sale, fund managers said.

"The market is having a temper tantrum, nothing more, so I view this turmoil as a buying opportunity," said Whitney Tilson, who runs hedge fund Kase Capital. She noted, however, that prices are still not as cheap as they were in 2008 or 2011.

Indeed, some managers are saying that they are trading in and out more actively these days as they are having a tough time getting the stocks at the prices they want.

No matter how small the losses are this year, managers are acknowledging the tough environment and their investors are keeping a close eye on movements, urging managers to make sure they are well-hedged. David Einhorn, whose Greenlight Capital is widely watched, reassured investors he is concentrating on better returns in 2016 after losing 20 percent last year.

Investors who allocate money to hedge funds on behalf of wealthy clients have said they could make more changes by terminating some managers in the months ahead.

Last year, they pulled $1.5 billion out of hedge funds in the fourth quarter, marking the first time the industry saw net redemptions since the fourth quarter of 2011, Hedge Fund Research data show.

But for now, they see little room to exit hedge funds altogether.