When equities have the advantage over fixed income in both growth and yield (think total shareholder yield, dividends + buybacks), then portfolio managers are probably better off reallocating to 100% equity and using the incremental yield picked up to purchase tail risk protection in the form of deep out-of-the-money puts.

Alternative investments do make sense in some instances, but due diligence costs are high, transparency is low, and the associated high return / low risk / low correlation claims are at best exaggerated and at worst fraudulent.