Assessing complementary benchmarking techniques in Return Based Style Analysis

The goal of this work is to assess complementary benchmarking techniques in the Return Based Style Analysis' framework. First, the RBSA is presented and commented for a homogeneous set of mutual funds: the global equity category. After, two benchmarks are compared: one built according to Sharpe's dictates and one built by means of an exhaustive searching algorithm. Results show that the two benchmarks are indeed equivalent and the use of the searching algo-rithm does not add value to the analysis for the category selected.