Uncertainty is prevalent in the returns and risks of financial assets within real investment portfolios.This paper addresses this issue by introducing fuzzy variables and employing the lower semivariance as a risk measurement method.A mean-semivariance fuzzy portfolio optimization model is established and solved using the African vulture optimization algorithm.Empirical research is conducted using weekly closing price data from ten stocks between January 2018 and January 2023,comparing the results with four bionic intelligent optimization algorithms,namely particle swarm optimization algorithm,butterfly optimization algorithm,Artificial gorilla troops optimizer and whale optimization algorithm.The results demonstrate that the effective application of the African vulture optimization algorithm in solving the mean-lower semivariance fuzzy portfolio optimization model,thereby offering valuable guidance for investors'practical investment decisions.
维普
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