# kaal:claim:2811729-018

**Claim.** Unconstrained mutual funds are predominantly credit-oriented funds intended to be sold on a retail basis that nonetheless authorize the investment manager, similar to a private fund manager, to trade any type of credit security or derivative.

**Type.** empirical  **Support.** evidenced

**Holds when.**

- the authors' sample of 84 unconstrained mutual funds

**Source quote.**

> that UMFs are predominantly credit-oriented funds intended to be sold on a retail basis, but which nonetheless authorize the investment manager, similar to a private fund manager, to trade any type of credit security or derivative

**From.** Wulf A. Kaal, *Unconstrained Mutual Funds and Retail Investor Protection* (2016), IV. Data, page 33

**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.** securities-law

**Keywords.** prospectus-analysis, manager-discretion, credit-strategy, retail-distribution

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