Portfolio performance and risk-based assessment of the portrait toolPortfolio performance and risk-based assessment of the portrait tool Peer-Reviewed Journal Publication Δημοσίευση σε Περιοδικό με Κριτές 2015-11-142015enIn this paper we evaluate and extend the PORTRAIT tool. PORTRAIT applies an argumentation based methodology for composing fund portfolios. Argumentation allows for combining different contexts and preferences in a way that can be optimized. It allows for defining a set of different investment policy scenarios and supports the investor/portfolio manager in composing efficient portfolios that meet her/his profile. The performance and risk of the constructed portfolios is compared with portfolios based on a traditional performance index under different scenarios. This approach is applied on data of Greek domestic equity mutual funds over the period from January 2006 to December 2011 with positive results. The empirical results of our study showed that argumentation is well suited for this type of applications giving answers to two important questions, i.e. which mutual funds are the most suitable to invest in, and, what portion of the available capital should be invested in each of these funds.http://creativecommons.org/licenses/by/4.0/International Journal of Operational Research153359-378 Pendaraki Konstantina Spanoudakis Nikolaos I. Σπανουδάκης Νικόλαος Ι. Springer Verlag Deciding Decision (Psychology) Decision analysis Decision processes Making decisions Management--Decision making Management decisions decision making deciding decision psychology decision analysis decision processes making decisions management decision making management decisions