b_sea93

MERFX and PFATX are very good alternative strategies.
PFATX is Arnott's strategy that goes long the enhanced RAFI and short the S&P 500. He uses swaps and futures to get exposure to both and then invests the excess cash in PIMCO Total Return.
MERFX is a merger arbitrage fund that has been around since the 90's (I believe). Long track record, especially in the hedge fund format, and good returns in any market.