While the bloom is still on the alternative mutual fund rose, 2012 hasn't been as kind to alternatives as in years past.

Roughly speaking, alternatives currently represent $241.6 billion assets under management, with year-to-date flows of $19.9 billion, according to Cerulli Associates' data through October. This is down from $25.9 billion in 2011 and $52.4 billion in 2010.

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