No labels, no problem: Identifying investment fund cohorts through clustering

This paper applies a tailored clustering approach to identify cohorts of investment funds for financial stability assessment. To define clusters, we use regulatory data on asset class exposures reported under the Alternative Investment Fund Managers Directive (AIFMD). We applied our approach to more than 10,000 alternative investment funds (AIFs) holding €3.7 trillion in assets, revealing 12 economically interpretabl…