Because unconstrained mutual funds share investment strategy and risk attributes with private funds, the average unconstrained fund's risk profile is substantially more complex and generally involves more risk than the average mutual fund, and is closer to that of a private fund.
Source quote, verbatim
Because of these shared investment strategy and risk attributes, the average UMF's risk profile is substantially more complex, and generally involves more risks, than the average mutual fund, and is rather more similar to that of a private fund.
From
Wulf A. Kaal, Unconstrained Mutual Funds and Retail Investor Protection (2016), IV.B. UMF vs. Private Fund Characteristics, p. 44 https://ssrn.com/abstract=2811729 · source PDF
Cite as
Wulf A. Kaal, Unconstrained Mutual Funds and Retail Investor Protection (2016). SSRN: https://ssrn.com/abstract=2811729
Holds when
comparison of the sample funds against average mutual funds and private funds
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