Hi, Friend you had told that Hedge Funds Still in the dark.
But i want to tell that what hedge fund is, as i know that in London Stock Exchange when market is on Average position 15-25 % business is done through Hedge Funds & when market is on peak position 30- 35 % of the business is done through Hedge Funds and this figure is grows up to 75 % ver soon.

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.

Source :- www.rescgf.com