With the stock market near all time high territory and rising volatility in global financial markets, there's no shortage of mutual fund advice on how to steer the markets. For many us sorting through all the advice and tuning out the background noise, the due diligence process can be daunting.

Mutual fund advice, usually in the form of special reports praising a fund manager's success, can be located in investing magazines and newspapers, and even on the Internet and TV. Most frequently an innovative approach and, of course, past performance of a fund and its manager are promoted. You can read up on everything from funds that specialize in large caps in emerging markets to technology plays.

There are many funds that will sell short stocks in addition to owning shares. These "long-short" funds most often advertise "market neutral" performance — that is an ability to reap gains despite volatility in global markets. Whatever the risk profile of the investor, there is probably a fund out there that will cater to the investor's appetite.