Application of nanosilica in the construction industry: A bibliometric analysis using Methodi Ordinatio.

The number of publications related to the implementation of nanotechnology in the construction industry, and specifically to the application of nanosilica (SiO2), has had a constant increase in recent years. Based on this, in the present work, an analysis was carried out using bibliometric techniques, with the aim at characterizing the development of specialized literature and identifying the largest areas of growth in the field, maintaining hydrophobic nanosilica as the research guideline. This analysis acquired information from the Scopus and Web of Science (WoS) databases to compare bibliometric indicators of the publications. It should be noted that, even though bibliometric analysis is useful to identify the study areas of greatest interest, to complement this work, the implementation of a method that helped in the research process to obtain the most important bibliography was required. This study implemented Methodi Ordinatio, which helped to take a new direction. Therefore, based on this method, a list of articles cataloged and ranked is obtained, which is the basis for integrating the final bibliographic portfolio. •The study applies the Methodi Ordinatio to obtain a portfolio of the most relevant articles to guide the researchers' work.•Insightful information can be obtained using VOSviewer to analyze and visualize metadata of the bibliographic portfolio.•The study demonstrates how the alpha value in the InOrdinatio formula modifies the resulting portfolio.

Enhancing portfolio management using artificial intelligence: literature review.

Building an investment portfolio is a problem that numerous researchers have addressed for many years. The key goal has always been to balance risk and reward by optimally allocating assets such as stocks, bonds, and cash. In general, the portfolio management process is based on three steps: planning, execution, and feedback, each of which has its objectives and methods to be employed. Starting from Markowitz's mean-variance portfolio theory, different frameworks have been widely accepted, which considerably renewed how asset allocation is being solved. Recent advances in artificial intelligence provide methodological and technological capabilities to solve highly complex problems, and investment portfolio is no exception. For this reason, the paper reviews the current state-of-the-art approaches by answering the core question of how artificial intelligence is transforming portfolio management steps. Moreover, as the use of artificial intelligence in finance is challenged by transparency, fairness and explainability requirements, the case study of post-hoc explanations for asset allocation is demonstrated. Finally, we discuss recent regulatory developments in the European investment business and highlight specific aspects of this business where explainable artificial intelligence could advance transparency of the investment process.

Portfolio analysis of global tobacco control research funding at the National Cancer Institute, 2000-2019.

INTRODUCTION: Research in low- and middle-income countries (LMICs), where the majority of global tobacco users reside, is critical to addressing the global tobacco epidemic. This analysis describes the global tobacco control research portfolio funded by the National Cancer Institute from fiscal years 2000 to 2019. METHODS: We used the National Institutes of Health Query, View, Report database to identify extramural grants relevant to global tobacco control research. Abstracts were analyzed to describe grant characteristics, including topic areas, tobacco products, countries, and regions of focus. Bibliometric and co-authorship network analyses were performed for publications associated with relevant grants. RESULTS: Of the 93 relevant grants with foreign (non-US) involvement, the majority (83.9%) supported research in upper and lower middle-income countries. The majority of grants (86.0%) focused on cigarettes, with a small subset of grants addressing smokeless tobacco, waterpipe use, or other non-cigarette products. Most grants focused on at least one of the six tobacco control policy measures in the World Health Organization MPOWER package; almost half (48.4%) focused on monitoring tobacco use and around one-third (32.3%) focused on offering tobacco cessation treatment, while other MPOWER measures received less attention in the research portfolio. While most of these grants, and the funding initiatives that supported them, emphasized research in low- and middle-income countries (LMICs), only 3 of 93 grants were awarded directly to LMIC-based institutions. CONCLUSIONS: There is a critical need for research to develop and test strategies to adapt, implement, and scale up evidence-based interventions across diverse LMIC settings. This study identified gaps in research activity that should be addressed to strengthen global tobacco control research capacity.

Measuring the Impact of Incorporating Case Study Presentations Into Applied Biomedical Science Placement Workshops for Trainee Biomedical Scientists.

Introduction: Successfully completing the Institute of Biomedical Science (IBMS) registration portfolio is essential to becoming a Health and Care Professions Council (HCPC) registered Biomedical Scientist. In the West Midlands, a unique collaboration between four universities (Aston, Wolverhampton, Coventry, and Keele) and local NHS Trusts supports student placements and portfolio development. The universities support Training Officers in delivering components of the registration portfolio through the delivery of eight combined placement workshops. These have been designed to align to the IBMS registration portfolio and help students meet the HCPC Standards of Proficiency. This study aimed to evaluate the effectiveness of a redesigned workshop where students generated and presented medical case studies to peers, academics, and training leads. Materials and Methods: The three phases of the case study intervention included a pre-intervention survey, academic-led sessions focussing on medical case presentations and delivery of the presentation followed by a post-intervention survey. Results: Analysing survey responses pre- and post-intervention, students demonstrated enhanced confidence in their understanding of clinical conditions (p<0.0001), connecting lab findings to diseases, and in delivering a case presentation to their peers (p<0.001). Students reported an increased confidence in structuring case presentations and their critical thinking ability (p<0.0001). All students agreed engaging with the case study workshop improved their ability to communicate knowledge of scientific concepts orally. Thematic analysis revealed that the case presentation deepened students' understanding of multidisciplinary teams. 98% of respondents agreed patient communication should be integrated into Biomedical Sciences courses and 85% would like to see case study presentations embedded into the curriculum. Discussion: Combined placement workshops are an integral part of the Applied Biomedical Science placement journey. Case study presentations are clearly a valuable teaching and learning tool to nurture and develop key transferable skills and competencies in conjunction with Biomedical Science expertise. The collaborative approach in the West Midlands effectively prepares graduates with essential pathology knowledge, skills, and a completed IBMS registration portfolio. This study highlights a successful framework for a collaborative partnership with local NHS trusts that has allowed the completion of numerous pathology placements and could be adopted by other universities delivering accredited Biomedical Science courses.

Constrained Reweighting of Distributions: An Optimal Transport Approach.

We commonly encounter the problem of identifying an optimally weight-adjusted version of the empirical distribution of observed data, adhering to predefined constraints on the weights. Such constraints often manifest as restrictions on the moments, tail behavior, shapes, number of modes, etc., of the resulting weight-adjusted empirical distribution. In this article, we substantially enhance the flexibility of such a methodology by introducing a nonparametrically imbued distributional constraint on the weights and developing a general framework leveraging the maximum entropy principle and tools from optimal transport. The key idea is to ensure that the maximum entropy weight-adjusted empirical distribution of the observed data is close to a pre-specified probability distribution in terms of the optimal transport metric, while allowing for subtle departures. The proposed scheme for the re-weighting of observations subject to constraints is reminiscent of the empirical likelihood and related ideas, but offers greater flexibility in applications where parametric distribution-guided constraints arise naturally. The versatility of the proposed framework is demonstrated in the context of three disparate applications where data re-weighting is warranted to satisfy side constraints on the optimization problem at the heart of the statistical task-namely, portfolio allocation, semi-parametric inference for complex surveys, and ensuring algorithmic fairness in machine learning algorithms.

Multifunctional dietary interventions, low-grade inflammation and cardiometabolic profile: a scoping review.

Background: Growing evidence highlights the significant impact of diet to modify low-grade inflammation closely linked to cardiometabolic profile. Multifunctionnal diets, combining several compounds have been shown to beneficially impact metabolic parameters. Objective: This study synthesizes the knowledge on the impact of RCTs combining dietary multifunctional compounds on low-grade inflammation in humans. We investigate whether the effects of dietary multifunctional interventions on inflammatory markers were parallel to alterations of cardiometabolic parameters. Methodology: We considered both the integrated dietary interventions (ID, i.e. global diets such as Mediterranean, Nordic…) and the dietary interventions based on selected bioactive mix (BM) compounds, in healthy individuals and those at cardiometabolic risk. Out of 221 screened publications, we selected 27 studies: 11 for BM (polyphenols and/or omega-3 fatty acids and/or antioxidants and/or dietary fiber) and 16 for ID (Mediterranean, paleo, Nordic, Dietary Approaches to Stop Hypertension (DASH) diet…). Results: ID studies reflected significant improvements in inflammatory markers (CRP, IL-6, IL-10, IL-1b), concomitantly with beneficial changes in metabolic parameters. In BM studies, pronounced effects on low-grade inflammatory markers were observed, while improvements in metabolic parameters were not consistent. Both types of studies suggested a favorable impact on oxidative stress, a factor closely linked to the inflammatory profile. Conclusion: Our findings showed that multifunctional RCT diets have differential role in managing low-grade inflammation and cardiometabolic health, with a large heterogeneity in explored inflammatory markers. Further research is imperative to elucidate the link between low-grade inflammation and other cardiometabolic risk factors, such as intestinal inflammation or postprandial inflammatory dynamics, aiming to attain a comprehensive understanding of the mechanisms involved in these processes. These future investigations not only have the potential to deepen our insights into the connections among these elements but also pave the way for significant advancements in the prevention and management of conditions related to the cardiovascular and metabolic systems.

Implementation of Digital Faculty Portfolio in Medical College Using an Intervention Mapping Approach.

Purpose: The Digital faculty portfolio (DFP) is a well-established Teaching Portfolio, a tool that combines student evaluations with teaching materials, narrative reflections, and evidence of pedagogical effectiveness. The research aimed to test the DFP concept and determine whether faculty find it useful for integrating faculty activities, including teaching and extracurricular activities. Thus, the main aim is to identify key technical details that must be addressed before creating a larger DFP platform. Methods: This research study adopted a six-step theory- and evidence-based approach of an Intervention Mapping (IM) protocol to assess the need for a DFP-like program at the College of Medicine, King Saud Abdulaziz University for Health Sciences and the efficacy of the pilot DFP program. The study was done in three steps: 1) Evaluation of educational needs; 2) Design of the "DFP" program; and 3) Validation and refinement of the designed program. The college conducted the needs assessment using a validated survey with full-time faculty members. Eighty-two survey participants comprised the sample. We described to them the DFP implementation procedure, design, and advantages. Results: The DFP is valuable to most users (60%) and has inherent benefits that boost professional competency (80%). Nearly 73% were willing to keep using and/or updating their DFP periodically. The created program was validated by sharing the findings with designated specialists in health professions education. Based on their comments, the program was further refined and ready for piloting. Conclusion: To maximize the potential of the platform's success, its capabilities should be consistently enhanced in addition to resolving technical issues. This program has managed to effectively identify new avenues for working on enhancing methods for effective communication, coordination and enhance the scope of evaluation process.

What is China's efficient power generation portfolio under carbon neutrality target? An empirical analysis considering flexibility and system cost.

Variable renewable energy (VRE) is the most promising form of primary generation under a carbon neutrality target due to its environmental benefits, incentive policy, and technological progress. However, the increasing proportion of VRE generation, such as solar and wind power, has sharply increased integration cost and reduced power grid stability. This study uses portfolio theory to investigate China's optimal power generation portfolio by 2050 considering flexibility constraint and system cost, including technical and integration costs. The results demonstrate that non-fossil-fuel power generation technologies have cost and emission reduction advantages over fossil-fuel-based technologies. VRE generation technologies must be developed in synergy with other forms of power generation when considering flexibility requirement and integration cost. A complete phase-out of fossil-fuel power generation technologies in China appears unlikely in the study period. Gas-fired and coal-fired power generation are the pillar forms of power generation to meet future flexibility needs.

The multifaceted roles of GP trainers in guiding trainee transition to portfolio general practice.

The journey of transitioning from a GP trainee to a portfolio GP is a complex and transformative process. This article explores the multi-dimensional roles that GP trainers play in guiding trainees through this key transition. This article, also, aims to challenge readers to consider how GP trainers can further enhance their role in minimising barriers and maximising opportunities for trainees, inviting contributions to the educational discussion on this topic.Serving as mentors, GP trainers navigate trainees through the particulars of general practice, ensuring they are equipped with both skills and resilience. They also play the role of confidantes, offering emotional and psychological support in times of doubt and uncertainty. As anchors, GP trainers provide stability, helping trainees find their footing in the vast domain of general practice and instilling core professional values. Furthermore, bridging the gap between academic knowledge and real-world practice, GP trainers guide trainees in effectively applying theoretical knowledge in clinical scenarios.Despite the inherent challenges, the bond between trainer and trainee is rewarding, ensuring a holistic evolution into competent portfolio GPs, thereby significantly influencing the future of primary care and patient outcomes.

E-portfolio as an effective tool for improvement of practitioner nurses' clinical competence.

BACKGROUND: Clinical competence is essential for providing effective patient care. Clinical Governance (CG) is a framework for learning and assessing clinical competence. A portfolio is a work-placed-based tool for monitoring and reflecting on clinical practice. This study aimed to investigate the effect of using an e-portfolio on the practitioner nurses' competence improvement through the CG framework. METHODS: This was a quasi-experimental study with 30 nurses in each intervention and control group. After taking the pretests of knowledge and performance, the participants attended the in-person classes and received the educational materials around CG standards for four weeks. In addition, nurses in the intervention group received the links to their e-portfolios individually and filled them out. They reflected on their clinical practice and received feedback. Finally, nurses in both groups were taken the post-tests. RESULTS: Comparing the pre-and post-test scores in each group indicated a significant increase in knowledge and performance scores. The post-test scores for knowledge and performance were significantly higher in the intervention group than in the control one, except for the initial patient assessment. CONCLUSION: This study showed that the e-portfolio is an effective tool for the improvement of the nurses' awareness and performance in CG standards. Since the CG standards are closely related to clinical competencies, it is concluded that using portfolios effectively improves clinical competence in practitioner nurses.

Analysis of sustainable water resource management and driving mechanism in arid region: a case study of Xinjiang, China, from 2005 to 2020.

The long-term dynamic comprehensive evaluation of the water resource carrying capacity (WRCC) and the analysis of its potential driving mechanism in arid areas are contemporary research issues and technical means of mitigating and coordinating the conflict between severe resource shortages and human needs. The purpose of this study was to explore the distribution of the WRCC and the spatiotemporal heterogeneity of drivers in arid areas based on an improved two-dimensional spatiotemporal dynamic evaluation model. The results show that (1) the spatial distribution of the WRCC in Xinjiang, China, is high in the north, low in the south, high in the west, and low in the east. (2) From 2005 to 2020, the centers of gravity of the WRCC in northern and southern Xinjiang moved to the southeast and west, respectively, and the spatial distribution exhibited slight diffusion. (3) The factors influencing the WRCC exhibit more obvious spatial and temporal heterogeneity. The domestic waste disposal rate and ecological water use rate were the main factors influencing the WRCC in the early stage, while the GDP per capita gradually played a dominant role in the later stage. (4) In the next 30 years, the WRCC in Xinjiang will increase. The results provide a theoretical reference for the sustainable development of water resources in arid areas.

Experiences of the use of portfolio in dental education - A qualitative meta-ethnographic literature review.

INTRODUCTION: Portfolio with a collection of evidence has become popular in higher education, including dental education. It is valuable to study the experiences of the use and implementation processes. Meta-ethnography can be a suitable method to analyse, synthesize and construct interpretations of qualitative research. Our aim was to explore experiences from the use of a portfolio/e-portfolio in dental education, from the students' and teachers' perspectives. MATERIALS AND METHODS: A systematic search in the databases PubMed, Scopus and ERC was performed, and the established seven steps of a meta-ethnographic review were used. 278 papers were initially identified, and seven were included in the final analysis. RESULTS: Two themes (Issues to Address and Consequences) and five subthemes (Purpose, Roles, Support and Structure, Challenges and Enablers, and Gains) were constructed. DISCUSSION: Our synthesis reflects various challenges, yet the learning gains are recognized and expressed to be important once the students and teachers have overcome early thresholds. Beyond the conclusions drawn in each paper, our synthesis provides new perspectives on the complexity of an implementation process and the balance of not seeing the woods for the trees being overwhelmed by technical and other practical aspects, reducing the opportunity for learning. CONCLUSION: The portfolio implementation in undergraduate dental education should address clarification to all stakeholders of the purpose and role, presenting a purposeful portfolio structure and timely support.

Going beyond probability of success: Opportunities for statisticians to influence quantitative decision-making at the portfolio level.

The pharmaceutical industry is plagued with long, costly development and high risk. Therefore, a company's effective management and optimisation of a portfolio of projects is critical for success. Project metrics such as the probability of success enable modelling of a company's pipeline accounting for the high uncertainty inherent within the industry. Making portfolio decisions inherently involves managing risk, and statisticians are ideally positioned to champion not only the derivation of metrics for individual projects, but also advocate decision-making at a broader portfolio level. This article aims to examine the existing different portfolio decision-making approaches and to suggest opportunities for statisticians to add value in terms of introducing probabilistic thinking, quantitative decision-making, and increasingly advanced methodologies.

A Quantum Double-or-Nothing Game: An Application of the Kelly Criterion to Spins.

A quantum game is constructed from a sequence of independent and identically polarised spin-1/2 particles. Information about their possible polarisation is provided to a bettor, who can wager in successive double-or-nothing games on measurement outcomes. The choice at each stage is how much to bet and in which direction to measure the individual particles. The portfolio's growth rate rises as the measurements are progressively adjusted in response to the accumulated information. Wealth is amassed through astute betting. The optimal classical strategy is called the Kelly criterion and plays a fundamental role in portfolio theory and consequently quantitative finance. The optimal quantum strategy is determined numerically and shown to differ from the classical strategy. This paper contributes to the development of quantum finance, as aspects of portfolio optimisation are extended to the quantum realm. Intriguing trade-offs between information gain and portfolio growth are described.

Spatial asynchrony and cross-scale climate interactions in populations of a coldwater stream fish.

Climate change affects populations over broad geographic ranges due to spatially autocorrelated abiotic conditions known as the Moran effect. However, populations do not always respond to broad-scale environmental changes synchronously across a landscape. We combined multiple datasets for a retrospective analysis of time-series count data (5-28 annual samples per segment) at 144 stream segments dispersed over nearly 1,000 linear kilometers of range to characterize the population structure and scale of spatial synchrony across the southern native range of a coldwater stream fish (brook trout, Salvelinus fontinalis), which is sensitive to stream temperature and flow variations. Spatial synchrony differed by life stage and geographic region: it was stronger in the juvenile life stage than in the adult life stage and in the northern sub-region than in the southern sub-region. Spatial synchrony of trout populations extended to 100-200 km but was much weaker than that of climate variables such as temperature, precipitation, and stream flow. Early life stage abundance changed over time due to annual variation in summer temperature and winter and spring stream flow conditions. Climate effects on abundance differed between sub-regions and among local populations within sub-regions, indicating multiple cross-scale interactions where climate interacted with local habitat to generate only a modest pattern of population synchrony over space. Overall, our analysis showed higher degrees of response heterogeneity of local populations to climate variation and consequently population asynchrony than previously shown based on analysis of individual, geographically restricted datasets. This response heterogeneity indicates that certain local segments characterized by population asynchrony and resistance to climate variation could represent unique populations of this iconic native coldwater fish that warrant targeted conservation. Advancing the conservation of this species can include actions that identify such priority populations and incorporate them into landscape-level conservation planning. Our approach is applicable to other widespread aquatic species sensitive to climate change.

Understanding temporal variability across trophic levels and spatial scales in freshwater ecosystems.

A tenet of ecology is that temporal variability in ecological structure and processes tends to decrease with increasing spatial scales (from locales to regions) and levels of biological organization (from populations to communities). However, patterns in temporal variability across trophic levels and the mechanisms that produce them remain poorly understood. Here we analyzed the abundance time series of spatially structured communities (i.e., metacommunities) spanning basal resources to top predators from 355 freshwater sites across three continents. Specifically, we used a hierarchical partitioning method to disentangle the propagation of temporal variability in abundance across spatial scales and trophic levels. We then used structural equation modeling to determine if the strength and direction of relationships between temporal variability, synchrony, biodiversity, and environmental and spatial settings depended on trophic level and spatial scale. We found that temporal variability in abundance decreased from producers to tertiary consumers but did so mainly at the local scale. Species population synchrony within sites increased with trophic level, whereas synchrony among communities decreased. At the local scale, temporal variability in precipitation and species diversity were associated with population variability (linear partial coefficient, ß = 0.23) and population synchrony (ß = -0.39) similarly across trophic levels, respectively. At the regional scale, community synchrony was not related to climatic or spatial predictors, but the strength of relationships between metacommunity variability and community synchrony decreased systematically from top predators (ß = 0.73) to secondary consumers (ß = 0.54), to primary consumers (ß = 0.30) to producers (ß = 0). Our results suggest that mobile predators may often stabilize metacommunities by buffering variability that originates at the base of food webs. This finding illustrates that the trophic structure of metacommunities, which integrates variation in organismal body size and its correlates, should be considered when investigating ecological stability in natural systems. More broadly, our work advances the notion that temporal stability is an emergent property of ecosystems that may be threatened in complex ways by biodiversity loss and habitat fragmentation.

Microgeographic variation in demography and thermal regimes stabilize regional abundance of a widespread freshwater fish.

Predicting the persistence of species under climate change is an increasingly important objective in ecological research and management. However, biotic and abiotic heterogeneity can drive asynchrony in population responses at small spatial scales, complicating species-level assessments. For widely distributed species consisting of many fragmented populations, such as brook trout (Salvelinus fontinalis), understanding the drivers of asynchrony in population dynamics can improve the predictions of range-wide climate impacts. We analyzed the demographic time series from mark-recapture surveys of 11 natural brook trout populations in eastern Canada over 13 years to examine the extent, drivers, and consequences of fine-scale population variation. The focal populations were genetically differentiated, occupied a small area (~25 km2 ) with few human impacts, and experienced similar climate conditions. Recruitment was highly asynchronous, weakly related to climate variables and showed population-specific relationships with other demographic processes, generating diverse population dynamics. In contrast, individual growth was mostly synchronized among populations and driven by a shared positive relationship with stream temperature. Outputs from population-specific models were unrelated to four of the five hypothesized drivers (recruitment, growth, reproductive success, phylogenetic distance), but variation in groundwater inputs strongly influenced stream temperature regimes and stock-recruitment relationships. Finally, population asynchrony generated a portfolio effect that stabilized regional species abundance. Our results demonstrated that population demographics and habitat diversity at microgeographic scales can play a significant role in moderating species responses to climate change. Moreover, we suggest that the absence of human activities within study streams preserved natural habitat variation and contributed to asynchrony in brook trout abundance, while the small study area eased monitoring and increased the likelihood of detecting asynchrony. Therefore, anthropogenic habitat degradation, landscape context, and spatial scale must be considered when developing management strategies to monitor and maintain populations that are diverse, stable, and resilient to climate change.

A portfolio decision analysis approach for selecting a subset of interdependent actions: The case of a regional climate roadmap in Finland.

In this paper, we present a structured approach based on portfolio decision analysis to support the consideration of interdependencies between actions (i.e. interactions) in the selection of an efficient portfolio. One of the main challenges in modelling interactions is that the possible number of them between the pairs of actions increases exponentially with the number of actions. In environmental management, the problems can include tens of possible actions potentially leading to hundreds of pairwise interactions between them. For example, a strategy for mitigating climate change can consist of various actions in different sectors for improving technology, reducing emissions and the sequestration of carbon. Our approach aims to reduce the burden of assessing interactions by initially selecting a shortlist of actions based on specific heuristics and focusing on modelling interactions exclusively within this chosen set of actions. Another feature of the approach is the use of holistic evaluation of interactions to further reduce the cognitive load of stakeholders making the assessment. As a possible disadvantage, these features may increase the imprecision related to the results of the model. To analyse the impacts of this imprecision, we propose a way to carry out sensitivity analysis on the basis of how intensively the interactions would be taken into account in the modelling. The applicability of the approach was tested in a case related to the roadmap to a carbon neutral North Savo region in Finland by the year 2035. The approach helped to better understand synergies and trade-offs when putting the actions of the roadmap into practice, which is expected to lead to better results in terms of preparedness and adaptation to climate change.

New trading strategy in investment and a new anomaly: A study of the hedge funds from emerging and developed markets.

This paper introduces a new trading strategy in investment: including the asset (Asset A) with the highest mean, the asset (Asset B) that stochastically dominates many other assets, and the asset (Asset C) with the smallest standard deviation in their portfolio to form portfolios in the efficient frontier for emerging and developed markets that could get higher expected utility and/or expected arbitrage opportunities. To test whether our proposed new trading strategy performs better, we set a few conjectures including the conjectures that investors should include any one, two, or three of Assets A, B, and C from emerging and developed markets. We test whether the conjectures hold by employing both mean-variance and stochastic dominance (SD) approaches to examine the performance of the portfolio formed by using hedge funds from emerging and developed markets with and without Assets A, B, and C, the naïve 1/N portfolio, and all other assets studied in our paper. We find that most of the portfolios with assets A, B, and C++ stochastically dominate the corresponding portfolio without any one, two, or all three of the A, B, and C strategies and dominate most, if not all, of the individual assets and the naïve 1/N portfolio in the emerging and developed markets, implying the existence of expected arbitrage opportunities in either emerging or developed markets and the market is inefficient. In addition, in this paper, we set a conjecture that combinations of portfolios with no arbitrage opportunity could generate portfolios that could have expected arbitrage opportunity. Our findings conclude that the conjecture holds and we claim that this phenomenon is a new anomaly in the financial market and our paper discovers a new anomaly in the financial market that expected arbitrage opportunity could be generated. We also conduct an out-of-sample analysis to check whether our proposed approach will work well in the out-of-sample period. Our findings also confirm our proposed new trading strategy to include Assets A, B, and C in the portfolio is the best strategy among all the other strategies used in our paper and gets the highest expected wealth and the highest expected utility for the emerging and developed markets. Our findings contribute to the literature on the emerging and developed markets of hedge funds and the reliability of alternative risk frameworks in the evaluation. Our findings also provide practical experience to academics, fund managers, and investors on how to choose assets in their portfolio to get significantly higher expected utility in emerging and developed markets.