Some of the world’s best hedge funds are available only to employees, early clients and a “few lucky others, part of an effort to limit their size and keep them  nimble enough to continue racking up gains,” according to an article in The Wall Street Journal.

This leaves investors with two options, the article explains: they can either invest in the hundreds of less attractive hedge funds or they can put their money in other, “open” funds of successful managers. Many investors, it adds, are opting for the latter, “making these outside funds among the hottest products on Wall Street.”

According to Theodore Liu, director of investment research at Silver Creek capital Management, the choice presents a quandary for investors that want to get their money into the exclusive funds and may have to take a chance by investing in managers’ “A-minus” products.

The article explains that some investors are “skeptical about funds run by firms that also manage internal funds, especially if they pursue similar strategies.” It cites comments by Amanda Haynes-Dale, co-founder of Pan Reliance Capital Advisors, who worries that firms maybe be enticed to put their best investments in the exclusive funds first. My first question,” she said, “is about securities selection. I’d be bothered if I was receiving less favorable pricing and proportionally fewer shares of ‘hot issues’ than can turbocharge returns.”