# kaal:claim:2811729-008

**Claim.** Unconstrained mutual funds have not delivered superior performance: Morningstar data for funds with three years of investing history offer no evidence that they outperform mutual funds in comparable asset classifications.

**Type.** failure  **Support.** evidenced

**Holds when.**

- unconstrained mutual funds with at least three years of investing history

**Source quote.**

> The Morningstar data available for UMFs with three years of investing history offer no evidence that UMFs have a superior performance to mutual funds in comparable asset classifications.

**From.** Wulf A. Kaal, *Unconstrained Mutual Funds and Retail Investor Protection* (2016), II. Unconstrained Mutual Funds, page 12

**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

**Failure mode.** No performance premium for added risk  (family: investor-protection-gap)

**Topics.** private-funds, empirical-evidence

**Keywords.** fund-performance, morningstar, unconstrained-mutual-funds, empirical-data

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.