{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2025,10,11]],"date-time":"2025-10-11T21:16:51Z","timestamp":1760217411344,"version":"build-2065373602"},"reference-count":23,"publisher":"MDPI AG","issue":"12","license":[{"start":{"date-parts":[[2015,12,8]],"date-time":"2015-12-08T00:00:00Z","timestamp":1449532800000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Entropy"],"abstract":"<jats:p>Earlier investment practices show that there lies a discrepancy between the actual fund strategy and stated fund strategy. Using a minimum spanning tree (MST) and planar maximally-filtered graph (PMFG), we build a network of open-ended funds in China\u2019s market and investigate the evolution characteristics of the networks over multiple time periods and timescales. The evolution characteristics, especially the locations of clustering central nodes, show that the actual strategy of the open-ended funds in China\u2019s market significantly differs from the original stated strategy. When the investment horizon and timescale extend, the funds approach an identical actual strategy. This work introduces a novel network-based quantitative method to help investors identify the actual strategy of open-ended funds.<\/jats:p>","DOI":"10.3390\/e17127861","type":"journal-article","created":{"date-parts":[[2015,12,9]],"date-time":"2015-12-09T15:21:41Z","timestamp":1449674501000},"page":"8073-8088","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":5,"title":["Evolution Characteristics of Complex Fund Network and Fund Strategy Identification"],"prefix":"10.3390","volume":"17","author":[{"given":"Honglin","family":"Yang","sequence":"first","affiliation":[{"name":"School of Business Administration, Hunan University, Changsha 410082, China"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Penglan","family":"Fang","sequence":"additional","affiliation":[{"name":"School of Business Administration, Hunan University, Changsha 410082, China"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Hong","family":"Wan","sequence":"additional","affiliation":[{"name":"School of Business, State University of New York at Oswego, Oswego, NY 13126, USA"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Yucan","family":"Liu","sequence":"additional","affiliation":[{"name":"School of Economics and Management, Nanjing University of Science and Technology, Nanjing 210094, China"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Hui","family":"Lei","sequence":"additional","affiliation":[{"name":"School of Business Administration, Hunan University, Changsha 410082, China"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"1968","published-online":{"date-parts":[[2015,12,8]]},"reference":[{"key":"ref_1","doi-asserted-by":"crossref","unstructured":"Mantegna, R.N., and Stanley, H.E. 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