ارایه میزان صحیح متنوع ‌سازی سبد برای صندوق‌های سرمایه‌گذاری مشترک با توجه به تاثیر ویژگی بخشی ‌بودن بر بازده و ریسک صندوق‌های سرمایه‌گذاری مشترک

Although appropriate diversification is one of the most important features of mutual funds, but nowadays financial markets are faced with funds that invest more in one or limited number of industries and therefore, by decreasing the costs and increasing the risk, offer higher returns to their customers. a precise and appropriate definition for sector funds and their function and purposes has not yet been presented in literature. in this paper we first classify active mutual funds in iran financial market into four groups using a decision tree. then by making fund of funds, we draw efficient frontiers for each group and show that return and risk increase as sectorial property increases. next, by calculating volatility and beta for each group we show that sectorial property increase of risk and especially nonsystematic risk of the portfolio. finally, to take the most advantage of sector investing, we suggests that there should be at least two industries in sector fund with more than twenty percent of the capital having invested in them.