# kaal:claim:2811729-032

**Claim.** Because an unconstrained mutual fund's performance is typically not assessed against any established benchmark, the retail investor must evaluate the fund without the contextual information routinely available for mutual funds pursuing more traditional credit strategies.

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

**Holds when.**

- unconstrained funds that decline to adopt a benchmark

**Source quote.**

> Therefore, it is left to the retail UMF investor to assess the fund's performance without the type of contextual information routinely available in relation to other mutual funds pursuing more "traditional" credit strategies.

**From.** Wulf A. Kaal, *Unconstrained Mutual Funds and Retail Investor Protection* (2016), V. Policy Implications, page 50

**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.** Benchmark absence blocks performance assessment  (family: measurement-and-metric-failure)

**Topics.** economics, disclosure

**Keywords.** benchmark-free-strategy, performance-evaluation, retail-investors, disclosure

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