# Manager discretion

`kaal:entity:manager-discretion`

**Status.** derived

This node is assembled mechanically from the 3 claims that carry the concept tag `manager-discretion`. 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

3 claims across 1 works, 2016 to 2016.

**2016**

- [2811729-003](https://wulfkaal.github.io/claims/2811729-003) [definitional/asserted] -- 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.
  > 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.
  Wulf A. Kaal, Unconstrained Mutual Funds and Retail Investor Protection (2016). SSRN: https://ssrn.com/abstract=2811729
- [2811729-018](https://wulfkaal.github.io/claims/2811729-018) [empirical/evidenced] -- 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.
  > 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
  Wulf A. Kaal, Unconstrained Mutual Funds and Retail Investor Protection (2016). SSRN: https://ssrn.com/abstract=2811729
- [2811729-031](https://wulfkaal.github.io/claims/2811729-031) [failure/argued] *(failure mode)* -- 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.
  > 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.
  Wulf A. Kaal, Unconstrained Mutual Funds and Retail Investor Protection (2016). SSRN: https://ssrn.com/abstract=2811729

## 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/manager-discretion.md | sha256sum

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