Reuters reports that an increasing number of mutual funds are offering such products – an estimated one-third of the 40 available debuted in the past year alone – representing less than $20 billion in an industry that boasts more than $9 trillion in assets under management. Among the reasons for the slow start, say market watchers, is that investors have been making money in mutual funds, thanks to the 3-year-old bull market, and have no incentive to pursue the hedge-like funds, which usually pursue a long/short strategy. In addition, fees associated with the hedge-like funds depress returns, and even financial advisers are not familiar enough with the benefits of such funds to suggest them. Just how slow are they growing? American Century has attracted only about $4 million for a long/short equity fund it launched last year.