Table 6 Hypothesis testing results for the proportion of times the average return of Type-1 is higher than Type-3 (\(p\)-values < 0.05), rejecting the null hypothesis in favor of the alternative). In the round brackets, the proportion of the times Type-1 outperforms Type-3 in average return is indicated. The symbols in the first column denote the holding period (T), while those in the first row represent the portfolio size, where \(m = 5, 10, 20, \text { and } 30\), respectively. The table reports results for portfolios constructed using the Equal Weight (\(\textbf{w}^{\textrm{EW}}\)) and Markowitz (\({w}^\mathrm{{MW}}\)) weighting schemes.

From: A novel portfolio construction strategy based on the core- periphery profile of stocks