The world of communications in the mutual fund industry is rife with buzzwords and phrases. They come in and out of favor as funds and fund managers seek to gain competitive advantage by repositioning an asset class or investment strategy as "the next big thing."

In recent years, alternative investments have become the hot commodity and "alternatives" has emerged as the buzzword of the hour. However, as more alternative investment products reach the marketplace and investors allocate more assets toward them, the name alternative is rapidly becoming a misnomer.

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