# kaal:claim:2811729-003

**Claim.** The authors stipulate that an unconstrained mutual fund strategy is generally not tethered to any benchmark and instead gives the manager operational freedom to pursue risk-adjusted returns using any debt instruments or securities, regardless of issuer, sector, jurisdiction, liquidity, or quality.

**Type.** definitional  **Support.** asserted

**Holds when.**

- registered open-end investment management companies pursuing credit strategies

**Source quote.**

> strategy that generally is not tethered to any benchmark. Instead, the strategy provides the manager with the operational freedom to pursue risk- adjusted returns using any debt instruments or securities, regardless of issuer, sector, jurisdiction, liquidity or quality.

**From.** Wulf A. Kaal, *Unconstrained Mutual Funds and Retail Investor Protection* (2016), I. Introduction, footnote 1, page 3

**Cite as.** Wulf A. Kaal, Unconstrained Mutual Funds and Retail Investor Protection (2016). SSRN: https://ssrn.com/abstract=2811729

**Verify.** sha256 of source PDF `0877b0a076f2614559cb0b1a736f73401cecbee7cfe014da6e36709208e92a74` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20and%20Anderson%20-%202016%20-%20Unconstrained%20Mutual%20Funds%20and%20Retail%20Investor%20Protection.pdf

**Topics.** private-funds

**Keywords.** unconstrained-mutual-funds, definition, benchmark-free-strategy, manager-discretion

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