Are Hedge Funds becoming the new fixed income?

With record low interest rates that don't look like to rise too much in a mid term and a continuous increase of inflows toward Hedge Funds that aims to reach the mark of a total of 4T usd AUM, is this format of investment management becoming the new alternative to treasuries? Curious to know the views especially from people in the space of institutional allocators ( please to the guys who may think that this is a stupid question move on the section of most prestigious colognes etc without bothering in saying how intelligent and brilliant you are...)

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