Although there is no universally accepted definition of the term "Hedge Fund", the term has evolved over time to include a multitude of skill-based investment strategies with a broad range of risk and return objectives. The common element among these strategies is the use of investment and risk management skills to seek positive returns regardless of market direction. "Hedge Funds" are an exciting innovation to the range of professionally managed investment vehicles that have brought sophisticated investment strategies and a new sense of excitement to the investment community. They can serve as an important risk management tool for investors by providing valuable portfolio diversification. One might define a hedge fund as an information-motivated fund that hedges away all or most sources of risk not related to the price-relevant information available for speculation. If anybody have some other information about Hedge Funds, plz start discussion