{
 "@context": "https://schema.org",
 "@type": "DefinedTerm",
 "@id": "https://wulfkaal.github.io/entities/absolute-return",
 "identifier": "kaal:entity:absolute-return",
 "name": "Absolute return",
 "termCode": "absolute-return",
 "inDefinedTermSet": {
  "@id": "https://wulfkaal.github.io/entities/index.json"
 },
 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
 },
 "dateModified": "2026-07-29",
 "canonicalForm": "https://wulfkaal.github.io/entities/absolute-return.md",
 "sha256": "00a089e9baa3e8ef89322d11663c05146be3e8d39c37b9eb5a671d16edd7273b",
 "additionalProperty": [
  {
   "@type": "PropertyValue",
   "name": "status",
   "value": "derived"
  },
  {
   "@type": "PropertyValue",
   "name": "claim_count",
   "value": 3
  },
  {
   "@type": "PropertyValue",
   "name": "work_count",
   "value": 2
  },
  {
   "@type": "PropertyValue",
   "name": "year_span",
   "value": [
    "2016",
    "2016"
   ]
  },
  {
   "@type": "PropertyValue",
   "name": "non_current_claims",
   "value": 0
  }
 ],
 "subjectOf": [
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2714974-036",
   "identifier": "kaal:claim:2714974-036",
   "text": "The combined restrictions on registered investment company short selling, leverage, and organizational structure create a substantial disincentive for such companies to pursue absolute return strategies that are independent of the aggregate value of the market.",
   "abstract": "The restrictions on investment company short selling, leverage, and organizational structure create a substantial disincentive for such companies to engage in so-called absolute return investment strategies, which are strategies that are independent of the aggregate value of the market.",
   "citation": "Kaal and Oesterle, The History of Hedge Fund Regulation in the United States (2016). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2714974",
   "datePublished": "2016",
   "claim_type": "mechanism",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "applies to registered investment companies under the Investment Company Act"
   ],
   "source_pdf_sha256": "7764601d3ed5bb056b58949e8411eff9dfb9855f143719062030c980c5fa801b",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2714974-037",
   "identifier": "kaal:claim:2714974-037",
   "text": "The prohibition on performance fees for investment companies is the most important structural difference from hedge funds, which rely heavily on performance fees of up to 20 percent of capital gains and appreciation to give advisers incentives to produce absolute returns.",
   "abstract": "Most importantly, investment advisers to investment companies may not charge an investment company a performance fee.",
   "citation": "Kaal and Oesterle, The History of Hedge Fund Regulation in the United States (2016). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2714974",
   "datePublished": "2016",
   "claim_type": "mechanism",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "applies to advisers to registered investment companies"
   ],
   "source_pdf_sha256": "7764601d3ed5bb056b58949e8411eff9dfb9855f143719062030c980c5fa801b",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2811729-020",
   "identifier": "kaal:claim:2811729-020",
   "text": "In the unprecedented low interest rate environment prevailing since 2005, investment managers responded to retail investors reaching for yield by offering unconstrained mutual funds, a product that authorizes absolute return strategies in the fixed income world.",
   "abstract": "First, in the unprecedented low interest rate environment that has prevailed since 2005, investment managers have responded to retail investors \"reaching for yield\" by offering a product (UMFs) that authorizes absolute return strategies in the fixed income world.",
   "citation": "Wulf A. Kaal, Unconstrained Mutual Funds and Retail Investor Protection (2016). SSRN: https://ssrn.com/abstract=2811729",
   "datePublished": "2016",
   "claim_type": "mechanism",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "United States fixed income markets since 2005"
   ],
   "source_pdf_sha256": "0877b0a076f2614559cb0b1a736f73401cecbee7cfe014da6e36709208e92a74",
   "status": "current"
  }
 ],
 "description": "3 claims in the published works of Wulf A. Kaal carry the concept tag 'absolute-return'. Derived node: a roster, not an adjudicated definition."
}