The Morningstar category of alternative mutual funds, or funds which use a variety of hedge-fund-like strategies, may fit that bill. Asset-weighted expense ratios for these funds rose to 1.31 percent from 1.24 percent over the past five years. That's more than double the 0.64 percent asset-weighted expense ratio for all funds.
The goods news, if you think that expense ratio is excessive: The funds have just 1.4 percent of total industry assets.