Before revision:  The empirical application uses daily and monthly data for the constituents of the S&P500 to demonstrate superior performance of FGL compared to the equal-weighted portfolio, index and some prominent precision and covariance-based estimators .
After revision:  FGL-based portfolios are shown to exhibit superior performance over several prominent competitors including equal-weighted and Index portfolios in the empirical application for the S&P500 to demonstrate superior performance of FGL compared to the equal-weighted portfolio, index and some prominent precision and covariance-based estimators .