# Investment strategy

`kaal:entity:investment-strategy`

**Status.** derived

This node is assembled mechanically from the 6 claims that carry the concept tag `investment-strategy`. It is a roster of what the corpus says under this term. It is **not** an adjudicated definition: no single statement here has been ruled canonical, and no first-appearance call has been made. Read the claims and judge for yourself.

## Every claim under this term

6 claims across 5 works, 2012 to 2017.

**2012**

- [2150377-032](https://wulfkaal.github.io/claims/2150377-032) [empirical/evidenced] -- Registration and disclosure did not push advisers to change what they invest in: only 2.44% of respondents said they would have to change strategy significantly over five years, while 4.88% expressly reported no strategy change.
  > Only 2.44% of respondents indicated that they would have to change their strategy significantly as a result of the registration and disclosure requirements, but 4.88% reported that the new requirements would not result in a strategy change.
  Wulf A. Kaal, Hedge Fund Manager Registration Under the Dodd-Frank Act (2012). SSRN: https://ssrn.com/abstract=2150377

**2014**

- [2389423-017](https://wulfkaal.github.io/claims/2389423-017) [mechanism/asserted] -- Form PF is structured so that single strategy fund advisers collect and provide only a fraction of the information a multi strategy adviser must make available, which makes reporting burden a function of strategy count rather than of adviser size.
  > Form PF is structured in a way that allows single strategy fund advisers to collect and provide a fraction of the information a multi strategy adviser would be required to make available under Form PF.
  Wulf A. Kaal, The Impact of Dodd-Frank Act Compliance Cost on the Hedge Fund Industry (2014). SSRN: https://ssrn.com/abstract=2389423

**2016**

- [2715083-001](https://wulfkaal.github.io/claims/2715083-001) [definitional/argued] -- Confluence between mutual and hedge funds runs in two directions at once: mutual funds are converging on hedge funds along the dimension of investment strategy, while hedge funds are converging on mutual funds along the dimension of regulation.
  > Mutual funds are becoming more like hedge funds as a matter of investment strategy while hedge funds are becoming more like mutual funds as a matter of the regulatory framework.
  Kaal, Confluence of Mutual and Private Funds (2016). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2715083
- [2748096-018](https://wulfkaal.github.io/claims/2748096-018) [mechanism/asserted] -- Market-neutral arbitrage strategies implicitly minimize systemic risk, because funds using them construct returns that do not depend on the direction of the market.
  > However, because many hedge funds engage in some form of market-neutral arbitrage to ensure that returns do not depend on the direction of the market, they may implicitly minimize systemic risk.
  Wulf A. Kaal, Timothy A. Krause, Hedge Funds and Systemic Risk (2016). SSRN: https://ssrn.com/abstract=2748096

**2017**

- [3002908-030](https://wulfkaal.github.io/claims/3002908-030) [empirical/evidenced] -- Larger European private fund advisers implement more conservative investment strategies, using blockchain technology predominantly to invest in and secure crypto assets.
  > The data seems to suggest that the larger European private fund advisers implement more conservative investment strategies and use the technology predominantly to invest in- and secure crypto assets.
  Wulf A. Kaal, Marco Dell'Erba, Blockchain Innovation in Private Investment Funds - A Comparative Analysis of the United States and (2017). SSRN: https://ssrn.com/abstract=3002908
- [3002908-040](https://wulfkaal.github.io/claims/3002908-040) [empirical/evidenced] -- American fund advisers use the smart contracting features of blockchain more frequently than European advisers, in order to build more advanced and innovative crypto businesses and business structures.
  > Whereas American fund advisers appear to more frequently use the smart contracting features of the technology to build more advanced and innovative crypto businesses and business structures via blockchain technology.
  Wulf A. Kaal, Marco Dell'Erba, Blockchain Innovation in Private Investment Funds - A Comparative Analysis of the United States and (2017). SSRN: https://ssrn.com/abstract=3002908

## Verify

Every claim above resolves to a record carrying a verbatim source quote, the sha256 of the source PDF, and a preformatted citation. Nothing here asks to be taken on trust.

    curl -s https://wulfkaal.github.io/entities/investment-strategy.md | sha256sum

**Canonical form.** This markdown file is the canonical hashed representation of this entity node. Its sha256 is the content hash.