Search

• The fund confidence set (FCS) algorithm is applied to the Chinese mutual fund market. • Actively managed equity-based mutual funds from 2007 to 2020 in China were studied. • A four-factor model which better characterizes the Chinese market is identified. • An adaptive unscented Kalman filter is used to improve model performance. • The superior fund portfolios produce an average monthly excess return of up to 1.88 %. This study compiles data on actively managed mutual funds in China spanning from 2007 to 2020 to construct portfolios of superior funds using the Fund Confidence Set (FCS) algorithm. Time-varying alphas and betas are estimated using an adaptive unscented Kalman filter with maximum posterior and random weighting rather than the extended Kalman filter. Moreover, an exponential smoother is integrated into the FCS algorithm, leading to improvements in portfolios' performance. These two modifications to the FCS algorithm further enhance the performance of superior fund portfolios, producing an average monthly excess return of up to 1.88 %. [ABSTRACT FROM AUTHOR]

[Display omitted] • Selenate added treatment had more SOL-Se and EXC-Se than selenite added treatment. • Selenium promoted the compost humification, especially selenite. • Selenite and selenate enhanced the different key bacteria in humus transformation. • Selenium increased the genes encoding carbohydrate-active enzymes. This study investigated the variation of selenium fractions and their effects on humification during composting. Selenite and selenate were added to a mixture of goat manure and wheat straw for composting. The results demonstrated that the bioavailable Se in the selenite added treatment (9.3–13.8%) was lower than in the selenate added treatment (18.1–47.3%). Meanwhile, the HA/FA of selenite and selenate added treatments were higher than in control, indicating that the selenium addition (especially selenite) promoted the humification of composting. Importantly, selenite enriched the abundance of Tepidimicrobium and Virgibacillus which were responsible to improve humification performance. Selenate increased the abundance of Thermobifida and Cellvibrio which facilitated the composting humification. The genes encoding CAZymes involved in the degradation of organic materials were also analyzed, and selenium could contribute to the synthesis of humus. KEGG pathway analysis revealed that the selenite addition promoted amino acids and carbohydrate metabolism compared to the control. [ABSTRACT FROM AUTHOR]