Unconstrained mutual funds engaged in almost 50 percent more futures contract transactions than other mutual funds, and the overall scope and nature of their derivative use is consistent with what the authors would expect of a private fund.
Source quote, verbatim
most importantly, futures contracts, where UMFs engaged in almost 50 percent more transactions than other mutual funds. These statistics reflect the scope and nature of derivative use by UMFs, and are consistent with what the authors would expect of derivative use by a private fund.
From
Wulf A. Kaal, Unconstrained Mutual Funds and Retail Investor Protection (2016), IV.A. UMF v. Mutual Fund Characteristics, p. 44 https://ssrn.com/abstract=2811729 · source PDF
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Wulf A. Kaal, Unconstrained Mutual Funds and Retail Investor Protection (2016). SSRN: https://ssrn.com/abstract=2811729
Holds when
schedule of investments from the sample funds' latest N-CSR filings, April 2016
supportskaal:claim:2715083-009 Unconstrained mutual funds differ from traditional fixed income mutual funds not only in trading strategy, usi...
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