{
 "@context": "https://schema.org",
 "@type": "Claim",
 "@id": "https://wulfkaal.github.io/claims/2998097-038",
 "identifier": "kaal:claim:2998097-038",
 "text": "The proliferation of unconstrained mutual funds calls into question the effectiveness of retail investor protections under the Investment Companies Act of 1940, because shares in funds that carry private fund strategies and risks may be bought by retail investors with limited or no investment experience.",
 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0009-0008-7840-1847"
 },
 "citation": "Wulf A. Kaal, Private Investment Fund Regulation - Theory and Empirical Evidence from 1998 to 2016 (2017). SSRN: https://ssrn.com/abstract=2998097",
 "isBasedOn": {
  "@type": "ScholarlyArticle",
  "name": "Private Investment Fund Regulation - Theory and Empirical Evidence from 1998 to 2016",
  "datePublished": "2017",
  "url": "https://ssrn.com/abstract=2998097",
  "sha256": "0955054f49c7011d33c285579bb046e6b284e42755b10fd2546a728c202669d5",
  "encoding": "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"
 },
 "keywords": [
  "private-funds"
 ],
 "about": [
  "retail-investor-protection",
  "unconstrained-mutual-funds",
  "investment-company-act",
  "confluence"
 ],
 "abstract": "However, unlike private funds, which are generally limited to investors who satisfy particular investment sophistication and net worth requirements, shares of UMFs may be purchased by retail investors, including those with quite limited or even no investment experience.",
 "additionalProperty": [
  {
   "@type": "PropertyValue",
   "name": "claim_type",
   "value": "failure"
  },
  {
   "@type": "PropertyValue",
   "name": "confidence",
   "value": "argued"
  },
  {
   "@type": "PropertyValue",
   "name": "scope_conditions",
   "value": [
    "unconstrained mutual funds sold to retail investors",
    "United States"
   ]
  },
  {
   "@type": "PropertyValue",
   "name": "is_failure_mode",
   "value": true
  },
  {
   "@type": "PropertyValue",
   "name": "attestations",
   "value": "https://wulfkaal.github.io/colloquium/attestations/7d6d57541b63e5b1794af822b8dd054bf253e14512edbef70612d35f9209f29b.json"
  },
  {
   "@type": "PropertyValue",
   "name": "edges",
   "value": [
    {
     "rel": "extends",
     "to": "https://wulfkaal.github.io/claims/2811729-001",
     "to_id": "kaal:claim:2811729-001",
     "similarity": 0.734
    },
    {
     "rel": "restates",
     "to": "https://wulfkaal.github.io/claims/2811729-036",
     "to_id": "kaal:claim:2811729-036",
     "similarity": 0.479
    }
   ]
  }
 ],
 "isPartOf": {
  "@id": "https://wulfkaal.github.io/claims/index.json"
 },
 "dateModified": "2026-07-27",
 "version": "1.0",
 "sha256": "7d6d57541b63e5b1794af822b8dd054bf253e14512edbef70612d35f9209f29b",
 "canonicalForm": "https://wulfkaal.github.io/claims/2998097-038.md"
}