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 "identifier": "kaal:entity:manager-discretion",
 "name": "Manager discretion",
 "termCode": "manager-discretion",
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 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
 },
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    "2016",
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 "subjectOf": [
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2811729-003",
   "identifier": "kaal:claim:2811729-003",
   "text": "The authors stipulate that an unconstrained mutual fund strategy is generally not tethered to any benchmark and instead gives the manager operational freedom to pursue risk-adjusted returns using any debt instruments or securities, regardless of issuer, sector, jurisdiction, liquidity, or quality.",
   "abstract": "strategy that generally is not tethered to any benchmark. Instead, the strategy provides the manager with the operational freedom to pursue risk- adjusted returns using any debt instruments or securities, regardless of issuer, sector, jurisdiction, liquidity or quality.",
   "citation": "Wulf A. Kaal, Unconstrained Mutual Funds and Retail Investor Protection (2016). SSRN: https://ssrn.com/abstract=2811729",
   "datePublished": "2016",
   "claim_type": "definitional",
   "confidence": "asserted",
   "is_failure_mode": false,
   "scope_conditions": [
    "registered open-end investment management companies pursuing credit strategies"
   ],
   "source_pdf_sha256": "0877b0a076f2614559cb0b1a736f73401cecbee7cfe014da6e36709208e92a74",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2811729-018",
   "identifier": "kaal:claim:2811729-018",
   "text": "Unconstrained mutual funds are predominantly credit-oriented funds intended to be sold on a retail basis that nonetheless authorize the investment manager, similar to a private fund manager, to trade any type of credit security or derivative.",
   "abstract": "that UMFs are predominantly credit-oriented funds intended to be sold on a retail basis, but which nonetheless authorize the investment manager, similar to a private fund manager, to trade any type of credit security or derivative",
   "citation": "Wulf A. Kaal, Unconstrained Mutual Funds and Retail Investor Protection (2016). SSRN: https://ssrn.com/abstract=2811729",
   "datePublished": "2016",
   "claim_type": "empirical",
   "confidence": "evidenced",
   "is_failure_mode": false,
   "scope_conditions": [
    "the authors' sample of 84 unconstrained mutual funds"
   ],
   "source_pdf_sha256": "0877b0a076f2614559cb0b1a736f73401cecbee7cfe014da6e36709208e92a74",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2811729-031",
   "identifier": "kaal:claim:2811729-031",
   "text": "The broad investment authority of unconstrained mutual fund managers exposes retail investors to fluid trading and investing patterns that the average retail investor is unlikely to sufficiently appreciate, regardless of the nature and quantum of disclosure, so additional disclosure cannot close the gap.",
   "abstract": "This broad investment authority exposes retail UMF investors to fluid trading and investing patterns and behaviors that the \"average\" retail investor is unlikely to sufficiently appreciate, regardless of the nature and quantum of disclosure to the investor regarding the fund's trading and holdings.",
   "citation": "Wulf A. Kaal, Unconstrained Mutual Funds and Retail Investor Protection (2016). SSRN: https://ssrn.com/abstract=2811729",
   "datePublished": "2016",
   "claim_type": "failure",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "retail investors in funds whose managers hold broad go anywhere authority"
   ],
   "source_pdf_sha256": "0877b0a076f2614559cb0b1a736f73401cecbee7cfe014da6e36709208e92a74",
   "status": "current"
  }
 ],
 "description": "3 claims in the published works of Wulf A. Kaal carry the concept tag 'manager-discretion'. Derived node: a roster, not an adjudicated definition."
}