You are managing a fund on behalf of a wealthy client and are considering incorporating alternative assets as part of the asset allocation for the portfolio.

1. Briefly describe three differences between alternative assets and traditional assets and the strengths and weaknesses of including them in a portfolio. 

1. Your client has a friend who is invested in hedge fund strategies and has asked you for information about how they differ from typical managed funds.
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4.  Describe at least four differences between hedge funds and a typically actively managed fund.