Described in typical industry gobbledygook as a "multistrategy, market-neutral arbitrage" fund, SRI eked out a net 0.07% return its first six months.

FORBES: Sid Bass tries to hook investors with a no-sin fund.

The universe of hedge fund asset classes is very deep and includes convertible arbitrage, distressed mortgage, long-short equity and global macro, among many other complex strategies.

FORBES: Hedge Funds Back In Style, What Advisors Should Know

Gudefin's hedge fund background helps explain two of her other specialties at Discovery: merger arbitrage and distressed-debt investing.

FORBES: Money & Investing