"For future reference and in order to avoid "hedge funds" how do...

"For future reference and in order to avoid "hedge funds" how do you tell the difference between funds?"

heres some helpful information...
***************************************************
ASIC closes 'what is it?' loophole

By Tony Featherstone
Thu 20 Sep 2012

in Part states....


"The absence of a universal definition of a hedge fund has been a problem.

Such funds are distinguished from managed investment schemes through their use of leverage, derivatives or short selling, or through the fund's goal to seek returns with low correlation to equity and bond markets.

Another characteristic that sometimes defines hedge funds in Australia is the use of performance fees (in contrast to fees based on funds under management). Managed investment schemes are technically defined as hedge funds if they have two or more of the characteristics mentioned.

Some small-cap Australian equity funds, for example, have capacity to short sell stocks and their manager receives performance fees, in addition to a fee based on funds under management.

Yet they are not labelled as hedge funds, and their managers might seek to avoid the label because of poor publicity about hedge funds after the large-scale collapse of Trio Capital and other funds. Or because the fund does not want it widely known that it bets on falling share prices, which can alienate companies and restrict the fund manager's access to management." continues


http://www.investordaily.com.au/cps/rde/xchg/id/style/15182.htm?rdeCOQ=SID-0A3D9633-9E073234
**************************************
so PIF was not a hedge fund.imo...I wonder what/how Storm invested... they were leveraged ie margin loans, etc. but i dont know much else because fortunately not involved in it.