[mrcode007]

management fees plus the fact that a fund has a single risk utility function applied across the pool of all investors in the fund, where the investor's wealth is absent from the state variable. the investing math is different if current wealth is taken into account or not.

[cj]

Aside from management fees I don’t grasp the concept your articulating (and I have a feeling I’m not the only one). Can you dumb it down even more?

[mrcode007]

https://arxiv.org/pdf/1405.0585.pdf