# kaal:claim:2811729-011

**Claim.** The go anywhere features of unconstrained mutual funds impede a retail investor's ability to ascertain and understand what the fund is invested in and what risks those investments carry.

**Type.** failure  **Support.** argued

**Holds when.**

- retail investors relying on fund disclosures

**Source quote.**

> However, these "go anywhere" features may impede a retail investor's ability to ascertain and understand the UMF's investments, and the risks associated with those investments.

**From.** Wulf A. Kaal, *Unconstrained Mutual Funds and Retail Investor Protection* (2016), II. Unconstrained Mutual Funds, page 13

**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.** Go anywhere opacity  (family: information-asymmetry)

**Topics.** disclosure

**Keywords.** retail-investors, disclosure, complexity, investor-comprehension

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