What is the collective-investment perimeter problem?

The mutual fund = the investors' pooled money, professionally managed, the returns shared (the trust-structure's investment vehicle): the open-ended (the units' continuous issue-and- redemption at the NAV — the net asset value's arithmetic) and closed-ended (the fixed corpus, the units listed-and-traded on NEPSE — Nepal's first-generation funds' design); by the assetclass: the equity, debt, hybrid, money-market, and the index/theme families; by the management: the trust-and-company forms (the SEBON regime's structures — Unit 9.3's three- cornered trust).