Arguably more of a hot investment ‘brand’ than a specific type of fund, what this broad range of funds have in common is their wide breadth of investments. A DGF would usually include some allocation to alternatives, alongside the more traditional equities and bonds. Some DGFs have a higher exposure to alternatives than others, so trustees should find out what’s under the bonnet before making an investment. Typically investment charges are higher than most equity investment funds or index-tracking funds, but lower than a hedge fund would charge.