Publication

Abstract : This study aims to develop a hybrid model based on both expert insights and data-driven approaches. To establish an optimal selection process, the study adopted VIKOR model. The significance of both models was validated through Spearman's correlation and buy-and-hold strategies under market-adjusted equity mutual fund performance. The study emphasises the significance of scheme-level information in fund selection, along with crucial performance metrics like one-month return, Sharpe ratio, and Jensen alpha. Through the developed hybrid model, the top-performing funds were identified from a pool of 145 equity funds. These findings are validated and recommended to retail investors across five categories, ranging from strongly recommended to not recommended, based on market-adjusted performance. The study results help retail investors select and invest in equity mutual funds by combining experts' insights and data-based hybrid VIKOR model.