In this week's Barron's [a paid service], the main feature is on the "50 Best Hedge Funds." Despite the turmoil over the past couple months -- which even Goldman Sachs (NYSE: GS) has not been immune -- there are some standout performers.

However, it's not easy to get information on hedge funds, even though it represents nearly $1.7 trillion in assets worldwide. So, Barron's wants to provide some much-needed transparency.

To weed things out, Barron's has based its criteria on a three-year performance span, as well as a minimum of $250 million in assets.

The winner? It's RAB Special Situations. In fact, it has posted a stunning 47.69% average annual return for the past three years.

Basically, the fund targets commodities, as well as deep value stock investing. What's more, the fund has been willing to invest in privately-held operations, which can certainly generate huge returns if there is an IPO or acquisition.

Who said hedge funds are bad thing?

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements. He also operates DealProfiles.com.