Lessons to be learned from the unique selling proposition funds that closed

What happens to funds with unique selling propositions? Surely they achieve that rare feat of aligning the interests of both investors and managers. Investors should benefit as capital gains are the customary reward for investing in overlooked niches. Managers should benefit as sales are driven by good track records. My experience suggests that this happy outcome is seldom the case. All too often it seems that such funds are closed down prematurely. However, there is one happy consequence - fund closures can be a useful reverse indicator. Unfortunately statistics are not available to prove...