 We first show that  for general \phi-divergences, a DRO problem is asymptotically equivalent to a class of mean-deviation problems , where the ambiguity radius controls investor's risk preference . Based on this non-robust reformulation, we then show that when a boundedness constraint is added to the investment strategy.
<fluency>  We first show that  for general \phi-divergences, a DRO problem is asymptotically equivalent to a class of mean-deviation problems , where the ambiguity radius controls investor's risk preference . Based on this non-robust reformulation, we then show that when a boundedness constraint is added to the investment strategy.
 We first show that , for general \phi-divergences, a DRO problem is asymptotically equivalent to a class of mean-deviation problems , where the ambiguity radius controls investor's risk preference . Based on this non-robust reformulation, we then show that when a boundedness constraint is added to the investment strategy.