Multi-alternative funds are a relatively new fund category attracting inflows and piquing advisor interest. There are 148 funds in the multi-alt category as defined by Morningstar, representing some $52.7 billion in assets. A subcategory of the larger liquid alternative funds universe, multi-alts are designed to give clients exposure to a variety of hedge fund-like investment strategies. The upside for clients? Access to hedge fund managers without hedge-like minimums or fees. 

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All data from Morningstar as of May 2015.

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