This study developed specific criteria and a fuzzy analytic network process (FANP) to assess and select portfolios on the Tehran Stock Exchange (TSE). Although the portfolio selection problem has been widely investigated, most studies have focused on income and risk as the main decision-making criteria. However, there are many other important criteria that have been neglected. To fill this gap, first, a literature review was conducted to determine the main criteria for portfolio selection, and a Likert-type questionnaire was then used to finalize a list of criteria. Second, the finalized criteria were applied in an FANP to rank 10 different TSE portfolios. The results indicated that profitability, growth, market, and risk are the most important criteria for portfolio selection. Additionally, portfolios 6, 7, 2, 4, 8, 1, 5, 3, 9, and 10 (A6, A7, A2, A4, A8, A1, A5, A3, A9, and A10) were found to be the best choices. Implications and directions for future research are discussed.

中文翻译：

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投资组合选择：模糊 ANP 方法

本研究制定了特定标准和模糊分析网络过程 (FANP)，以评估和选择德黑兰证券交易所 (TSE) 的投资组合。尽管投资组合选择问题已被广泛研究，但大多数研究都将收入和风险作为主要的决策标准。然而，还有许多其他重要的标准被忽视了。为了填补这一空白，首先进行了文献回顾以确定投资组合选择的主要标准，然后使用李克特式问卷来确定标准清单。其次，在 FANP 中应用最终标准对 10 个不同的 TSE 投资组合进行排名。结果表明，盈利能力、增长、市场和风险是投资组合选择的最重要标准。此外，投资组合 6、7、2、4、8、1、5、3、9 和 10（A6、A7、A2、A4、A8、A1、A5、A3、A9 和 A10）被认为是最佳选择。讨论了未来研究的意义和方向。