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Appendix B

Carlos Sánchez-González (Universidad EIA, Colombia)

The Efficiency of Mutual Fund Families

ISBN: 978-1-78743-800-2, eISBN: 978-1-78743-799-9

Publication date: 19 April 2018

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Citation

Sánchez-González, C. (2018), "Appendix B", The Efficiency of Mutual Fund Families, Emerald Publishing Limited, Leeds, pp. 205-223. https://doi.org/10.1108/978-1-78743-799-920181015

Publisher

:

Emerald Publishing Limited

Copyright © 2018 Emerald Publishing Limited

Table 40:

Variation I Efficiency under CRS for 2009.
Stage 1 Portfolio Management Stage 2 Marketing and Service Stage 3 Overall Efficiency
MFMC VAR I Ref. Rank VAR I Ref. Rank VAR I Ref. Rank
2 0.41886 7, 76 56 0.14137 196 76 0.06684 100 74
4 1.00000 4 1 0.09835 196 90 0.07747 100 64
6 0.41433 50, 76 59 0.21464 196 34 0.09868 100 55
7 1.00000 7 1 0.15481 196 66 0.08650 100 59
9 0.23876 76 85 0.24172 196 23 0.23953 100 19
12 0.66097 14, 46 29 0.00009 196 94 0.00002 100 95
14 1.00000 14 1 0.00003 196 95 0.24104 100 18
15 0.45053 14 50 1.00000 15 1 0.05933 100 83
20 0.30511 14, 51 74 0.18649 196 49 0.23018 100 20
21 0.24252 14, 46 83 0.19100 196 45 0.11611 100 49
24 0.34371 46, 76 64 0.14132 196 77 0.06891 100 72
29 0.42025 45, 76, 131 54 0.14545 196 71 0.07943 100 62
31 0.66870 7, 51 27 0.29884 196 18 0.07714 100 65
34 0.15321 76 89 0.15801 196 64 0.08981 100 57
35 0.75657 76, 210 25 0.15662 196 65 0.10771 100 52
36 0.15772 46, 76 87 0.44315 196 11 0.31329 100 14
37 0.36394 46, 76 62 0.17962 196 51 0.11910 100 48
38 0.12349 14, 50 93 0.14600 196 70 0.06778 100 73
40 0.56056 45, 46, 76, 100 34 0.34411 196 15 0.29908 100 15
43 0.64809 7, 14, 128 31 0.18516 196 50 0.07326 100 68
45 1.00000 45 1 0.19426 196 43 1.00000 45 1
46 1.00000 46 1 1.00000 46 1 0.60339 100 8
47 0.44254 76 52 0.17026 196 53 0.08880 100 58
49 0.38321 46, 76 61 0.21968 196 30 0.14272 100 37
50 1.00000 50 1 0.40832 196 13 0.26275 100 16
51 1.00000 51 1 0.23329 196 26 0.13888 100 38
53 0.05305 45 95 1.00000 53 1 0.35490 100 11
55 1.00000 55 1 0.11516 196 89 0.12805 100 42
57 0.55684 46, 76, 210 35 0.21488 196 33 0.18196 100 27
58 0.41861 14, 51 58 0.13294 196 84 0.16127 100 33
61 0.32884 50, 76 66 0.13415 196 82 0.00117 100 94
62 1.00000 62 1 0.21576 196 32 0.17493 100 28
63 0.50707 14, 51 43 0.09070 196 91 0.01846 100 93
69 0.27015 45, 46 78 0.91835 46, 53, 196 10 0.32852 100 13
71 0.87395 7, 14, 50, 76 21 0.15199 196 68 0.12169 100 46
76 1.00000 76 1 0.16795 196 54 0.12508 100 44
78 0.48283 46, 76 46 0.19213 196 44 0.14369 100 36
83 0.41918 14, 76 55 0.12291 196 87 0.04583 100 90
84 0.48720 14, 51 44 0.19749 196 40 0.17140 100 30
85 0.54846 14, 51 37 0.08841 196 92 0.07218 100 69
86 0.51972 14, 51 40 0.17899 196 52 0.06392 100 77
93 0.32194 14, 50 68 0.29418 196 20 0.19697 100 26
95 0.81564 7, 14, 140 23 0.14857 196 69 0.06981 100 70
98 0.24244 7 84 0.22425 196 29 0.09003 100 56
100 1.00000 100 1 1.00000 100 1 1.00000 100 1
103 0.18388 76 86 0.15821 196 63 1.00000 103 1
105 0.14898 14, 46 90 0.21197 196 35 0.04605 100 89
110 0.58006 7 32 0.14326 196 73 0.07889 100 63
113 0.31340 14, 51 71 0.13521 196 81 0.04774 100 87
115 0.25544 50, 76, 100 81 0.32520 196 16 0.17193 100 29
121 0.25098 14, 50 82 0.14466 196 72 0.06331 100 79
125 0.13837 46 91 0.97340 46, 53, 196 8 1.00000 125 1
126 0.33415 46, 76 65 0.16061 196 61 0.12112 100 47
127 1.00000 127 1 0.14041 196 78 0.06583 100 75
128 1.00000 128 1 0.02592 196 93 0.02722 100 92
130 0.86584 7, 14, 128, 140 22 0.15991 196 62 0.05414 100 84
131 1.00000 131 1 0.18828 196 48 0.84278 45, 100, 217 6
132 0.25683 76 80 0.16460 196 59 0.06399 100 76
133 0.45421 45, 46, 76 49 0.30729 196 17 0.25524 100 17
137 0.28537 46, 76 77 0.20871 196 37 0.21064 100 23
139 0.48051 46, 76, 210 47 0.24574 196 22 0.34998 100 12
140 1.00000 140 1 0.13995 196 79 0.04534 100 91
142 0.41864 14, 51 57 0.12292 196 86 0.06106 100 82
152 1.00000 152 1 0.43377 196 12 0.37313 100 10
154 0.66777 14, 46, 76 28 0.15444 196 67 0.06351 100 78
156 0.54375 50, 76 38 0.18926 196 46 0.12481 100 45
159 0.32656 46, 76 67 0.18860 196 47 0.11241 100 50
160 0.31841 46, 76 69 0.21135 196 36 0.13288 100 41
161 0.56409 76 33 0.14168 196 75 0.06268 100 80
162 0.51520 46, 76 41 0.12123 196 88 0.07697 100 66
163 0.47683 7, 14 48 0.13196 196 85 0.05326 100 85
168 0.26591 46, 76 79 0.20162 196 38 0.16093 100 34
173 0.52658 14, 51 39 0.16598 196 57 0.04681 100 88
174 1.00000 174 1 0.28618 196 21 0.22081 100 22
176 0.76119 14, 51, 76 24 0.16460 196 58 0.07694 100 67
177 0.31780 50, 76 70 0.23625 196 25 0.12704 100 43
182 0.42454 50, 76 53 0.14183 196 74 0.06908 100 71
185 0.44913 14, 51 51 0.13941 196 80 0.04822 100 86
190 0.69864 7 26 0.13383 196 83 0.06186 100 81
191 0.65853 46, 76, 174 30 0.21636 196 31 0.22495 100 21
192 0.38878 50, 76 60 0.19708 196 41 0.10456 100 54
193 1.00000 193 1 0.16678 196 56 0.08055 100 61
194 0.54980 76, 210 36 0.16364 196 60 0.10909 100 51
195 0.48317 76, 210 45 0.16712 196 55 0.08512 100 60
196 0.29905 46, 76 75 1.00000 196 1 0.53158 100 9
197 0.50977 174 42 0.24011 196 24 0.15332 100 35
198 0.30795 14, 50, 76 72 0.20008 196 39 0.10700 100 53
200 0.11656 14, 46 94 0.29435 196 19 0.16554 100 32
203 0.12525 45, 46, 76 92 0.37516 196 14 0.20074 100 25
204 0.34667 46, 76 63 0.22747 196 28 0.13595 100 39
206 0.29661 45, 46, 76 76 0.23200 196 27 0.16866 100 31
207 0.15729 46, 76 88 1.00000 207 1 0.13347 100 40
210 1.00000 210 1 0.19581 196 42 0.20425 100 24
217 1.00000 217 1 0.92002 46, 53 9 1.00000 217 1
221 0.30515 50, 76 73 1.00000 221 1 0.74804 100, 103 7

Note: MFMC is the identifying number of the mutual fund management company (Official registers, CNMV). VAR I corresponds to the efficiency score obtained by the Variation I maximizing the objective function for the reference set obtained for each SBM-inefficient company (Eq. (II.2)). Ref. corresponds to the reference set for each company obtained by the VAR I approach. Rank represents the ranking of the VAR I scores which have been sorted by value, where VAR I scores with value of 1.00000 obtain the highest ranking 1.

Table 41:

Variation II Efficiency under CRS for 2009.
Stage 1 Portfolio Management Stage 2 Marketing and Service Stage 3 Overall Efficiency
MFMC VAR II Ref. Rank VAR II Ref. Rank VAR II Ref. Rank
2 0.80165 51, 174, 193 30 0.53660 15, 207 83 0.46496 103, 125 50
4 1.00000 4 1 0.45781 15, 207 89 0.25551 45 83
6 0.68003 45, 131, 193, 210, 217 55 0.74818 15, 207 22 0.55521 45, 217 44
7 1.00000 7 1 0.64147 15, 207 61 0.36724 103, 125 62
9 0.48553 14, 50, 100 87 0.56584 46, 53 79 0.58148 103, 125 29
12 0.71522 4, 14, 127 45 0.00027 15 94 0.00008 217 95
14 1.00000 14 1 0.00018 100 95 0.42524 125 56
15 0.67725 14, 128 56 1.00000 15 1 0.18579 217 89
20 0.58430 76, 128, 131, 210 78 0.75497 15, 207 19 0.44927 103, 125 52
21 0.59559 4, 14, 127 76 0.58665 15, 207 73 0.38989 45 58
24 0.71157 45, 76, 131, 193 47 0.61761 15, 207 65 0.34035 103, 125 68
29 0.44229 45, 76, 131, 193 89 0.52118 15, 207 85 0.44744 103, 125 53
31 0.70822 7, 51, 193 49 0.82770 15, 196, 207 11 0.34294 103, 125 66
34 0.64106 45, 76, 131, 193, 210 67 0.68499 15, 196, 207 47 0.44694 103, 125 54
35 0.91060 50, 51, 76, 174, 193 21 0.63656 15, 207 62 0.54157 103, 125 46
36 0.61199 14, 46, 50, 100 72 0.79022 46, 53, 196 13 0.77096 45, 100, 217 15
37 0.60574 128, 131, 210 74 0.70827 15, 207 38 0.56360 103, 125 39
38 0.41354 50, 51, 193 90 0.54374 15, 207 82 0.45210 45, 217 51
40 0.73725 46, 50, 76, 100 40 0.76303 15, 196, 207 17 0.74270 45, 100, 217 16
43 0.76939 7, 51, 140, 193 34 0.59379 15, 207 70 0.36933 103, 125 61
45 1.00000 45 1 0.70201 15, 196, 207 40 1.00000 45 1
46 1.00000 46 1 1.00000 46 1 0.95419 103, 125 6
47 0.70415 76, 128, 131, 210 51 0.71053 15, 207 37 0.33056 103, 125 71
49 0.57460 76, 131, 193, 210 79 0.73296 15, 196, 207 29 0.58896 45 26
50 1.00000 50 1 0.66915 100, 196, 221 48 0.80871 45, 100, 217 12
51 1.00000 51 1 0.80063 15, 207 12 0.58029 103, 125 31
53 0.60637 45, 46, 100, 217 73 1.00000 53 1 0.87864 100, 217 8
55 1.00000 55 1 0.49118 15, 207 87 0.35383 103, 125 64
57 0.74001 45, 76, 131, 193, 210 37 0.71742 15, 196, 207 34 0.59213 45, 217 25
58 0.65633 4, 14, 127 61 0.58506 15, 207 74 0.32319 45, 100 73
61 0.55714 128, 193, 210 83 0.59357 15, 207 71 0.00520 45 94
62 1.00000 62 1 0.71535 15, 196, 207 35 0.58407 103, 125 28
63 0.75616 14, 127, 128 35 0.45738 15, 207 90 0.05511 125 93
69 0.67247 45, 46, 100, 217 58 0.91835 46, 53, 196 10 0.82493 45, 100, 217 10
71 0.89938 7, 14, 51, 76, 193 22 0.68735 15, 196, 207 46 0.38014 103, 125 59
76 1.00000 76 1 0.69840 15, 207 44 0.37976 103, 125 60
78 0.77159 45, 46, 76, 131, 210 33 0.75114 15, 196, 207 20 0.57683 103, 125 34
83 0.69211 128, 140, 193 54 0.49672 15, 207 86 0.16020 125 91
84 0.72170 4, 14, 127 43 0.71102 15, 207 36 0.34288 125 67
85 0.63040 4, 14, 127 68 0.41993 15, 207 92 0.21711 217 84
86 0.71752 127, 128 44 0.66287 15, 207 52 0.26866 125 82
93 0.60112 45, 46, 76, 131 75 0.77985 15, 196, 207 14 0.55912 45, 100 41
95 0.88045 7, 14, 76, 128, 140 24 0.63096 15, 207 63 0.30047 103, 125 76
98 0.40837 45, 76, 193 91 0.72137 15, 207 32 0.44385 103, 125 55
100 1.00000 100 1 1.00000 100 1 1.00000 1
103 0.39396 14, 45, 46, 76 94 0.44139 196, 207 91 1.00000 103 1
105 0.50767 46, 131, 210, 217 86 0.74032 15, 207 26 0.39596 45, 217 57
110 0.70307 7, 62, 193 53 0.58784 15, 207 72 0.34908 103, 125 65
113 0.54074 128, 193, 210 84 0.55092 15, 207 81 0.18844 45 88
115 0.62486 152, 174, 217 71 0.60497 100, 196, 221 68 0.63983 45, 217 19
121 0.55843 4, 127 82 0.65608 15, 207 55 0.21266 45 85
125 0.35004 45, 100, 152 95 0.97340 46, 53, 196 8 1.00000 125 1
126 0.72582 7, 14, 46, 50, 51 42 0.70387 15, 207 39 0.56625 103, 125 36
127 1.00000 127 1 0.64348 15, 207 59 0.28922 103, 125 78
128 1.00000 128 1 0.13037 15 93 0.10484 125 92
130 0.86584 7, 14, 128, 140 25 0.57746 15, 207 76 0.28600 103, 125 79
131 1.00000 131 1 0.69936 15, 207 41 0.84278 45, 100, 217 9
132 0.58555 51, 127, 128, 140 77 0.61431 15, 207 66 0.31978 103, 125 74
133 0.78873 45, 46, 50, 76, 100 31 0.71854 15, 196, 207 33 0.77101 45, 100, 217 14
137 0.70913 45, 46, 50, 76, 100 48 0.69888 15, 196, 207 43 0.72495 45, 217 17
139 0.64264 14, 45, 46, 76 66 0.69907 221 42 0.62223 103 20
140 1.00000 140 1 0.52274 15, 207 84 0.27316 103, 125 81
142 0.55940 4, 127 81 0.65658 15, 196, 207 54 0.20576 45 87
152 1.00000 152 1 0.62595 100, 196, 221 64 0.82462 45, 217 11
154 0.88375 76, 128, 131, 210 23 0.65029 15, 207 57 0.29836 103, 125 77
156 0.73884 45, 174, 193, 210 39 0.73722 15, 196, 207 27 0.56776 103, 125 35
159 0.66175 51, 174, 193 60 0.64653 15, 207 58 0.55737 103, 125 42
160 0.73983 51, 62, 193 38 0.75677 15, 196, 207 18 0.56508 103, 125 37
161 0.70324 45, 76, 193 52 0.60253 15, 207 69 0.28188 125 80
162 0.81092 14, 51, 193 29 0.57762 15, 207 75 0.36112 103, 125 63
163 0.65303 51, 140, 193 62 0.46335 15, 207 88 0.32834 103, 125 72
168 0.70472 7, 50, 51, 62, 193 50 0.75065 15, 196, 207 21 0.62107 45, 217 22
173 0.62974 7, 128, 140, 193 69 0.64152 15, 207 60 0.20992 125 86
174 1.00000 174 1 0.77893 15, 196, 207 15 0.61036 45, 217 24
176 0.85227 14, 51, 76, 193 26 0.66611 15, 207 50 0.33760 103, 125 69
177 0.57134 45, 152, 174, 217 80 0.74047 15, 207 25 0.57753 103, 125 33
182 0.64577 128, 193, 210 65 0.66032 15, 207 53 0.30782 103, 125 75
185 0.53409 4, 127 85 0.56639 15, 196 78 0.16341 45 90
190 0.81579 14, 51, 193 28 0.57629 15, 207 77 0.33619 103, 125 70
191 0.82468 46, 50, 76, 100 27 0.76499 15, 196, 207 16 0.61675 103, 125 23
192 0.66503 45, 174, 193, 217 59 0.72330 15, 207 30 0.54223 45, 217 45
193 1.00000 193 1 0.55944 15, 207 80 0.52702 103, 125 47
194 0.73075 7, 62, 76, 193 41 0.65390 15, 207 56 0.51501 103, 125 48
195 0.62920 76, 131, 193, 210 70 0.66586 15, 207 51 0.49744 103, 125 49
196 0.40002 14, 50, 100, 174 92 1.00000 196 1 0.94074 103, 125 7
197 0.64604 174, 193, 217 64 0.73452 15, 196, 207 28 0.56290 103, 125 40
198 0.74111 51, 174, 193 36 0.66901 15, 207 49 0.55700 103, 125 43
200 0.39727 7, 46, 128, 210 93 0.74663 15, 196 23 0.56407 45, 100 38
203 0.64785 46, 131, 217 63 0.61395 100, 196, 221 67 0.66650 45, 217 18
204 0.71249 45, 76, 131, 193, 210 46 0.74594 15, 196, 207 24 0.58105 45 30
206 0.67473 45, 46, 50, 100, 174 57 0.69600 15, 196, 207 45 0.62200 45, 217 21
207 0.45493 131, 193 88 1.00000 207 1 0.58658 45, 217 27
210 1.00000 210 1 0.72176 15, 196, 207 31 0.57897 103, 125 32
217 1.00000 217 1 0.92002 46, 53 9 1.00000 217 1
221 0.78730 14, 46, 50, 100 32 1.00000 221 1 0.80444 103, 125 13

Note: MFMC is the identifying number of the mutual fund management company (Official registers, CNMV). VAR II corresponds to the efficiency score obtained by the Variation II, which was obtained for each inefficient MFMC for those maximal friends facets randomly found (Eq. (II.5)). Ref. corresponds to the reference set for each company obtained by the VAR II approach. Rank represents the ranking of the VAR II scores which have been sorted by value, where VAR II scores with value of 1.00000 obtain the highest ranking 1.

Table 42:

Variation III Efficiency under CRS for 2009.
Stage 1 Portfolio Management Stage 2 Marketing and Service Stage 3 Overall Efficiency
MFMC VAR III Ref. Remark VAR III Ref. Remark VAR III Ref. Remark Cluster
2 0.80165 51, 174, 193 0.45045 196, 221 0.28627 45 4
4 1.00000 4 1.00000 4 Locally eff. 0.10309 103 2
6 0.68003 45, 131, 193, 210, 217 0.59040 100, 196, 221 0.55521 45, 217 4
7 1.00000 7 0.35864 46, 53 0.29391 100, 125 4
9 0.45885 45, 76, 131 0.56584 46, 53 0.54143 100, 217 4
12 1.00000 12 Locally eff. 0.00027 15 0.00002 103 1
14 1.00000 14 0.00014 15 0.26384 103 1
15 0.45053 14 1.00000 15 0.06753 103 1
20 1.00000 20 Locally eff. 0.36956 46, 53 0.36525 103 3
21 1.00000 21 Locally eff. 0.38580 46, 53 0.16846 103 3
24 0.71157 45, 76, 131, 193 0.41924 196, 221 0.28916 100, 125 4
29 0.44229 45, 76, 131, 193 0.39140 196, 221 0.28534 100, 125 4
31 0.70822 7, 51, 193 0.58216 207 0.29484 100, 125 4
34 0.64106 45, 76, 131, 193, 210 0.59045 100, 196, 221 0.42434 45 4
35 0.91060 50, 51, 76, 174, 193 0.47228 196, 221 0.32496 45 4
36 0.60312 45, 46, 50, 100 0.79022 46, 53, 196 0.77096 45, 100, 217 4
37 0.60235 51, 62 0.51933 196, 221 0.47989 45 4
38 0.41354 50, 51, 193 0.54099 100, 196, 221 0.45210 45, 217 4
40 0.73725 46, 50, 76, 100 0.71830 100, 196, 221 0.74270 45, 100, 217 4
43 0.76939 7, 51, 140, 193 0.34648 46, 53 0.28897 100, 125 4
45 1.00000 45 0.53343 196, 207 1.00000 45 4
46 1.00000 46 1.00000 46 0.90408 100, 125 4
47 0.62314 51, 127, 140 0.38054 46, 53 0.30395 100, 125 4
49 0.57460 76, 131, 193, 210 0.61111 196, 221 0.58896 45 4
50 1.00000 50 0.66915 100, 196, 221 0.80871 45, 100, 217 4
51 1.00000 51 0.60758 207 0.57433 45, 217 4
53 0.60637 45, 46, 100, 217 1.00000 53 0.87864 100, 217 4
55 1.00000 55 0.27712 46, 53 0.22358 103 3
57 0.74001 45, 76, 131, 193, 210 0.56961 196, 221 0.59213 45, 217 4
58 1.00000 58 Locally eff. 1.00000 58 Locally eff. 0.21441 103 2
61 0.55229 76, 131, 193 0.35523 196, 221 0.00520 45 4
62 1.00000 62 0.56781 196, 221 0.58257 45, 217 4
63 1.00000 63 Locally eff. 0.23863 46, 53 0.03139 103 3
69 0.67247 45, 46, 100, 217 0.91835 46, 53, 196 0.82493 45, 100, 217 4
71 1.00000 71 Locally eff. 0.35200 46, 53 0.31971 100, 125 4
76 1.00000 76 0.36153 46, 53 0.31078 100, 125 4
78 0.77159 45, 46, 76, 131, 210 0.61132 100, 196, 221 0.52772 45 4
83 1.00000 83 Locally eff. 0.30583 46, 53 0.12077 103 3
84 1.00000 84 Locally eff. 0.27599 207 0.26888 103 3
85 1.00000 85 Locally eff. 1.00000 85 Locally eff. 0.10838 103 2
86 1.00000 86 Locally eff. 0.33126 46, 53 0.16316 103 3
93 0.60112 45, 46, 76, 131 0.71798 100, 196, 221 0.55912 45, 100 4
95 1.00000 95 Locally eff. 0.31710 46, 53 0.15341 103 3
98 1.00000 98 Locally eff. 0.44361 207 1.00000 98 Locally eff. 3
100 1.00000 100 1.00000 100 1.00000 100 4
103 1.00000 103 Locally eff. 0.44139 196, 207 1.00000 103 3
105 0.50767 46, 131, 210, 217 0.65357 207 0.39596 45, 217 4
110 0.70307 7, 62, 193 0.36270 196, 221 0.30384 45 4
113 1.00000 113 Locally eff. 0.32354 46, 53 0.14210 103 3
115 0.62486 152, 174, 217 0.60497 100, 196, 221 0.63983 45, 217 4
121 1.00000 121 Locally eff. 0.35047 46, 53 0.11456 103 3
125 0.35004 45, 100, 152 0.97340 46, 53, 196 1.00000 125 4
126 0.71705 7, 46, 50, 51, 140 0.59395 100, 196, 221 0.52596 45, 217 4
127 1.00000 127 0.33133 46, 53 0.28610 100, 125 4
128 1.00000 128 0.13037 15 0.04659 103 2
130 1.00000 130 Locally eff. 0.32431 46, 53 0.13988 103 3
131 1.00000 131 0.59530 100, 196, 221 0.84278 45, 100, 217 4
132 0.57406 51, 127, 140 0.36288 46, 53 0.28538 100, 125 4
133 0.78873 45, 46, 50, 76, 100 0.67852 100, 196, 221 0.77101 45, 100, 217 4
137 0.70913 45, 46, 50, 76, 100 0.63224 100, 196, 221 0.72495 45, 217 4
139 0.64247 45, 46, 76, 131 0.69907 221 0.61289 45, 100 4
140 1.00000 140 0.31064 46, 53 0.27153 100, 125 4
142 1.00000 142 Locally eff. 0.32615 46, 53 0.13536 103 3
152 1.00000 152 0.62595 100, 196, 221 0.82462 45, 217 4
154 0.78907 7, 76, 140, 193 0.35833 46, 53 0.28402 100, 125 4
156 0.74473 45, 174, 193, 210, 217 0.59156 100, 196, 221 0.52874 45, 217 4
159 0.66175 51, 174, 193 0.57533 100, 196, 221 0.48137 45, 217 4
160 0.73983 51, 62, 193 0.54640 207 0.50979 45 4
161 0.70324 45, 76, 193 0.34344 46, 53 0.28188 125 4
162 0.78837 51, 76, 140, 193 0.36431 196, 221 0.29290 100, 125 4
163 0.65303 51, 140, 193 0.31209 196, 221 0.27689 100, 125 4
168 0.70472 7, 50, 51, 62, 193 0.61646 196, 207 0.62107 45, 217 4
173 0.62145 7, 140, 193 0.34721 46, 53 0.20992 125 4
174 1.00000 174 0.67633 196, 207 0.61036 45, 217 4
176 0.80912 51, 76, 140, 193 0.35737 46, 53 0.29385 100, 125 4
177 0.57134 45, 152, 174, 217 0.62044 207 0.56870 45, 217 4
182 0.61293 51, 127, 140 0.35425 46, 53 0.28889 100, 125 4
185 0.48127 127 0.34498 46, 53 0.16341 45 4
190 0.81471 7, 51, 140, 193 0.35306 196, 221 0.28141 100, 125 4
191 0.82468 46, 50, 76, 100 0.63640 196, 221 0.58315 45, 100 4
192 0.66503 45, 174, 193, 217 0.58396 100, 196, 221 0.54223 45, 217 4
193 1.00000 193 0.39889 196, 221 0.28332 100, 125 4
194 0.73075 7, 62, 76, 193 0.45032 196, 221 0.31870 45 4
195 0.62920 76, 131, 193, 210 0.50625 196, 221 0.29604 45 4
196 0.39988 45, 50, 100, 174 1.00000 196 0.70665 100, 125 4
197 0.64604 174, 193, 217 0.60156 196, 207 0.50871 45, 217 4
198 0.74111 51, 174, 193 0.57329 100, 196, 221 0.48466 45, 217 4
200 0.39610 7, 46, 62 0.62489 46, 53 0.56407 45, 100 4
203 0.64785 46, 131, 217 0.61395 100, 196, 221 0.66650 45, 217 4
204 0.71249 45, 76, 131, 193, 210 0.59055 196, 221 0.58105 45 4
206 0.67473 45, 46, 50, 100, 174 0.60713 100, 196, 221 0.62200 45, 217 4
207 0.45493 131, 193 1.00000 207 0.58658 45, 217 4
210 1.00000 210 0.59377 100, 196, 221 0.56867 45, 217 4
217 1.00000 217 0.92002 46, 53 1.00000 217 4
221 0.51774 46, 76, 100 1.00000 221 0.60895 100, 125 4

Note: MFMC is the identifying number of the mutual fund management company (Official registers, CNMV). VAR III corresponds to the efficiency score obtained by the Variation II. But this VAR III was obtained for each inefficient MFMC referred to those maximal friends facets formed by efficient companies belonging to the same cluster (adjacent clusters when no efficient MFMC is found in the objective cluster). Ref. corresponds to the reference set for each company obtained by the VAR III approach. Remark represents the locally efficient companies found in each cluster. Cluster is the group where each company was classified.

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