# kaal:claim:2998097-012

**Claim.** The private fund industry's central fear about Form PF was not the filing itself but eventual publicity: if the disclosures ever became public, competitors could reverse engineer fund strategies and largely eliminate managers' ability to generate absolute returns.

**Type.** mechanism  **Support.** argued

**Holds when.**

- Form PF disclosures held confidentially by the SEC

**Source quote.**

> the industry feared that such information could at some point in the future be made public which would largely eliminate private investment fund managers' ability to make absolute returns for their clients as competitors would be able to reverse engineer their strategies. Apart

**From.** Wulf A. Kaal, *Private Investment Fund Regulation - Theory and Empirical Evidence from 1998 to 2016* (2017), IV. Dodd-Frank-Act, page 17

**Cite as.** Wulf A. Kaal, Private Investment Fund Regulation - Theory and Empirical Evidence from 1998 to 2016 (2017). SSRN: https://ssrn.com/abstract=2998097

**Verify.** sha256 of source PDF `0955054f49c7011d33c285579bb046e6b284e42755b10fd2546a728c202669d5` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202017%20-%20Private%20Investment%20Fund%20Regulation%20-%20Theory%20and%20Empirical%20Evidence%20from%201998%20to%202016.pdf

**Failure mode.** Public disclosure would erode strategy value  (family: disclosure-cost-and-burden)

**Topics.** private-funds, disclosure

**Keywords.** form-pf, disclosure, reverse-engineering, proprietary-strategies

**Related claims.**

- supports: https://wulfkaal.github.io/claims/2348463-031

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