A Theory of Mutual Funds: Optimal Fund Objectives and Industry Organization

Though some pension funds – mostly larger, more sophisticated investors - are able to invest at the riskier end of the spectrum (i.e. in start-up, venture capital type projects focusing on clean tech and other innovations), this will only ever constitute a small percentage of their portfolios. The broad mass of pension funds will be more interested in lower risk investments (i.e. in deployable renewables etc.), which provide a steady, inflation adjusted, income stream – particularly where investment or solvency regulations require a relatively conservative approach to investment. Pension fund assets can therefore be expected to be directed more...
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A Theory of Mutual Funds: Optimal Fund Objectives and Industry Organization