ARLINGTON, Va. — In their search to reduce portfolio risk, advisers are on the hunt for alternatives to their costly hedge funds and managed futures.

The low costs, convenience and liquidity of the mutual fund structure may be attractive to advisers, said John Dolfin, the chief investment officer at asset management firm Steben & Co. However, the low beta and positive alpha of equity long/short hedge funds, for example, may be a better alternative.

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