# kaal:claim:2811729-024

**Claim.** The high turnover rate of unconstrained mutual funds distinguishes them from other mutual funds and makes them directly comparable to private funds, which typically trade at high levels.

**Type.** mechanism  **Support.** argued

**Holds when.**

- comparison of unconstrained mutual funds with private funds on trading intensity

**Source quote.**

> The high UMF turnover rate is a characteristic that distinguishes these funds from other mutual funds, and makes them directly comparable to private funds, which typically engage in high trading levels

**From.** Wulf A. Kaal, *Unconstrained Mutual Funds and Retail Investor Protection* (2016), IV.A. UMF v. Mutual Fund Characteristics, page 41

**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.** portfolio-turnover, private-funds, fund-convergence, trading-intensity

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