---

Constructed portfolios based on different fundamental characteristics are expected to have different returns and associated risk levels and also different degrees of volatility properties including clustering, persistence and asymmetric effect. Thus, style investing managers should care with volatility features of the characteristics-sorted portfolio so as to achieve optimal portfolios and risk management.

---

Dr. Otaify was granted the PhD degree in economics from faculty of Economic and Political science, Cairo university, Egypt. He is working as an assistant professor of finance, Misr university for science and technology. His area of specialization is portfolio management, corporate finance and quantitative methods.

---