This paper proposes a clusterling of investment trusts based on returns in order to classify mutual funds into actual funds style groups. In the conventional method, the investment trusts are clustered based on the similarity of the investees. However, since the investees cannot be confirmed by anyone other than the management company, they cannot be used by anyone other than the management company. Analyze the investment trust using the proposed method and confirm that the mutual fund styles is included in the similar investment trust or included in the cluster.
