| Classification of investment funds by self-organizing maps (2007) | |||||||||||||
Abstract | |||||||||||||
| An investment fund (or mutual fund) is an investment structure collecting money coming from individuals and investing according to preestablished objectives. Professional managers decide of the investment strategy and assets selection in the name of those who invest in the fund, buying and selling placements, such as cash holdings, bonds and shares. The investment strategy announced for funds (through publicity, stock market information, etc.) is crucial information for the public, in order to choose among the variety of investment funds. Unfortunately, all managers do not necessarily follow the announced strategy [1]: the performances of a specific fund being traditionally compared with those of other funds which claim to follow a similar investment strategy, one of the reasons of the divergence between announced and implemented strategy can be a deliberated act of the manager, who has an obvious interest to have its fund compared to others ones with weaker performances, whatever is the real investment strategy. This makes difficult the task of the investor, who cannot trust the public information about the fund anymore and consequently is not able to estimate the real risk he/she takes when investing in the fund. Classifications exist to provide supplementary information to the investors. Nevertheless, some studies showed that specific funds are wrongly classified [2, 3]. In this work, we establish a | |||||||||||||
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