{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2025,10,22]],"date-time":"2025-10-22T03:04:33Z","timestamp":1761102273251,"version":"build-2065373602"},"reference-count":48,"publisher":"MDPI AG","issue":"10","license":[{"start":{"date-parts":[[2017,10,18]],"date-time":"2017-10-18T00:00:00Z","timestamp":1508284800000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"funder":[{"name":"Spanish Ministry of Economy and Competitivity","award":["ENE2014-56126-C2-2-R"],"award-info":[{"award-number":["ENE2014-56126-C2-2-R"]}]},{"name":"Portuguese Foundation for Science and Technology","award":["PEst-C\/CTM\/LA0025\/2013"],"award-info":[{"award-number":["PEst-C\/CTM\/LA0025\/2013"]}]}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Applied Sciences"],"abstract":"<jats:p>Portfolio management based on mean-variance portfolio optimization is subject to different sources of uncertainty. In addition to those related to the quality of parameter estimates used in the optimization process, investors face a portfolio implementation risk. The potential temporary discrepancy between target and present portfolios, caused by trading strategies, may expose investors to undesired risks. This study proposes an evolutionary multiobjective optimization algorithm aiming at regions with solutions more tolerant to these deviations and, therefore, more reliable. The proposed approach incorporates a user\u2019s preference and seeks a fine-grained approximation of the most relevant efficient region. The computational experiments performed in this study are based on a cardinality-constrained problem with investment limits for eight broad-category indexes and 15 years of data. The obtained results show the ability of the proposed approach to address the robustness issue and to support decision making by providing a preferred part of the efficient set. The results reveal that the obtained solutions also exhibit a higher tolerance to prediction errors in asset returns and variance\u2013covariance matrix.<\/jats:p>","DOI":"10.3390\/app7101079","type":"journal-article","created":{"date-parts":[[2017,10,18]],"date-time":"2017-10-18T11:10:00Z","timestamp":1508325000000},"page":"1079","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":11,"title":["Portfolio Implementation Risk Management Using Evolutionary Multiobjective Optimization"],"prefix":"10.3390","volume":"7","author":[{"ORCID":"https:\/\/orcid.org\/0000-0003-0320-1695","authenticated-orcid":false,"given":"David","family":"Quintana","sequence":"first","affiliation":[{"name":"Department of Computer Science, Universidad Carlos III de Madrid, Madrid 28911, Spain"}]},{"given":"Roman","family":"Denysiuk","sequence":"additional","affiliation":[{"name":"IPC\u2014Institute of Polymers and Composites, University of Minho, Campus de Azur\u00e9m, 4800-058 Guimar\u00e3es, Portugal"}]},{"given":"Sandra","family":"Garcia-Rodriguez","sequence":"additional","affiliation":[{"name":"CEA, LIST, Data Analysis and System Intelligence Laboratory, 91191 Gif-sur-Yvette, France"}]},{"ORCID":"https:\/\/orcid.org\/0000-0001-7777-7625","authenticated-orcid":false,"given":"Ant\u00f3nio","family":"Gaspar-Cunha","sequence":"additional","affiliation":[{"name":"IPC\u2014Institute of Polymers and Composites, University of Minho, Campus de Azur\u00e9m, 4800-058 Guimar\u00e3es, Portugal"}]}],"member":"1968","published-online":{"date-parts":[[2017,10,18]]},"reference":[{"key":"ref_1","first-page":"77","article-title":"Portfolio Selection","volume":"7","author":"Markowitz","year":"1952","journal-title":"J. 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