# kaal:claim:2811729-027

**Claim.** 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.

**Type.** failure  **Support.** argued

**Holds when.**

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

**Source quote.**

> 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.

**From.** Wulf A. Kaal, *Unconstrained Mutual Funds and Retail Investor Protection* (2016), IV.B. UMF vs. Private Fund Characteristics, page 46

**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

**Failure mode.** Private fund risk without private fund reward  (family: investor-protection-gap)

**Topics.** risk-and-incentives, private-funds

**Keywords.** fund-performance, risk-return, private-funds, incentives

**Related claims.**

- extends: https://wulfkaal.github.io/claims/2715083-017
- extends: https://wulfkaal.github.io/claims/2714974-037

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.