JPMorgan Chase & Co., Pacific Investment Management Co. and smaller firms are inundated with money from individuals attempting to mimic the performance of hedge funds on speculation that the stock market rally is over.

So-called bear-market and long-short mutual funds, designed to protect against falling stock prices, attracted a record $10 billion this year through October, more than double the previous high in 2006, according to Morningstar Inc. Asset managers have opened 19 long-short funds, the most in one year.

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