kaal:claim:2811729-027

Unconstrained mutual funds take on private fund-like risk without a corresponding return advantage: private funds' incentives and investment flexibility help explain their performance advantage over mutual funds, but the performance record of unconstrained mutual funds is less clearly distinguished from that of other mutual funds.

can help explain their performance advantage over mutual funds,180 the performance record for UMFs is less clearly distinguished from that of other mutual funds.

Wulf A. Kaal, Unconstrained Mutual Funds and Retail Investor Protection (2016), IV.B. UMF vs. Private Fund Characteristics, p. 46
https://ssrn.com/abstract=2811729 · source PDF

Wulf A. Kaal, Unconstrained Mutual Funds and Retail Investor Protection (2016). SSRN: https://ssrn.com/abstract=2811729

• comparison of unconstrained mutual funds with private funds and conventional mutual funds

failuresupport: arguedfailure: Private fund risk without private fund rewardfamily: investor-protection-gaprisk-and-incentivesprivate-funds

• extends kaal:claim:2715083-017 Alternative mutual funds generally cannot deliver the same absolute returns as hedge funds, a shortfall some a...
• extends kaal:claim:2714974-037 The prohibition on performance fees for investment companies is the most important structural difference from ...

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