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Webster 1828 Edition

Adj.

Not hedged; not surrounded by a hedge.

unhedged ‎(not comparable)

Without a hedge.
- Rudyard Kipling,
  After splashing mile after mile along straight, unhedged roads, between stretches of sodden heather […]
(finance) Not hedged; not offset or counterbalanced.
- 2007 August 26, Ben Stein, “Avoid the Craziness and No One Gets Hurt”, in New York Times:
  A hedge fund is supposed to hedge against market movements by unhedged instruments.