They are built like mutual funds, but act like hedge funds, and few investors seem to know what to make of them. That may change next month, when Chicago-based Morningstar launches a new rankings list, to help investors better track hedge-like mutual funds, according to the Wilkes-Barre Times Leader.

Industry insiders look forward to the new list, which they say might help such funds gain market traction. "There is not a clearly defined group of funds that people can compare us to," said Richard J. Gates, a portfolio manager at TFS Capital LLC in West Chester, Pa.

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