The Performance Evaluation Method Of Open-end Fund

Investment Fund is a benefit-sharing, risk-sharing system of collective investment. Open-ended investment fund in China, led the open-end fund industry in the performance evaluation of the rise of the domestic. China's development of this assessment, it is necessary to learn from theory and experience from outside. To master the method of calculating the assessment model, with this theory, investment funds for our work and serve the cause of performance evaluation.Performance evaluation of securities investment funds, to investors and fund companies have great significance. Securities investment funds a variety of performance evaluation methods, the modern theory suggests that to assess the investment fund's investment performance, not only to visit the Fund's average rate of return and risk depends on it. Only the value of introducing risk factors, methods of performance evaluation in order to make an effective evaluation of the Fund. Therefore, the fund performance evaluation should be the core of the risk faced by its accurate calculation and measurement. Risk VaR model will be used to assess the performance of securities investment funds, such as risk-adjusted performance evaluation methods in line with the requirements of the modern theory, a more comprehensive and effective description of the Fund's real income.Investment fund performance evaluation methods are: Sharp index, Treynor index and Jensen's index method, and based on the VaR of the securities investment fund performance evaluation method - RAROC, such as risk-adjusted performance evaluation methods can be more objective, accurately reflect the performance of securities investment funds.Fund managers measure "the capacity of band" connection, Monte Carlo simulation shows that the traditional timing of testing the ability of fund managers model, such as the Treynor-Mazuy model and Henriksson-Merton model could do nothing about it. By analyzing the shortcomings of traditional methods. Inspection fund managers made the time-band model of choice. Simulation shows that the new model can better detect the fund manager's "ability-band operation". Model only the net proceeds of fund data, we can measure more experience in the market turning point, the fund managers can market over a period of time in the future to predict fluctuations in the direction, through the purchase of low-or high-value assets to adjust their portfolio value, in order to better grasp the market opportunity, high income.