Total hedge fund asset levels increased by 11.5 per cent in the first quarter of 2007 to $2.401 trillion from $2.154 trillion in the fourth quarter of 2006, according to the Hedge Fund Industry Asset Flow report from HedgeFund.net. This was the largest quarterly increase on record, with new assets estimated at $168.6 billion and fund performance increasing total assets an additional $78.9 billion. Funds which invest globally were the fastest-growing of any broad regional classification, as large institutional allocations required global diversification: total assets in funds with a global investment focus increased an estimated 13.3 per cent in Q1 2007 to $1.172 trillion, with Latin America the fastest-growing region. Funds focused on Eastern Europe decreased by 1.6 per cent to $77.9 billion, while total assets in emerging market funds increased 15.3 per cent in Q1 2007 to $244.6 billion, including $17.4 billion in new assets.