| Mutual fund is an investment approach, which provides convenient and economical investment approach to the investors by professional investment management and operation, and uses the fund of the investment populace as collective investment method. The character of mutual fund includes: dispersive risk, professional investment, high cash performance, high security and little time and money is required for the investors to manage it.In 1998, when the open fund had become the mainstream of international fund, the first close fund appeared in our country, from then on, Chinese people begin to become familiar with it, until 2001 the first open fund appeared in china, but its development speed is obvious to all. Because of the deference of investment idea, operation method and management mode, the operation performance and the coming profit-risk structure of each fund is different.When invest on the mutual fund, the investor must find out the investment performance of the fund, which can help the investor to select a right fund; on the other hand, the performance-rating is helpful for the professional investment institution to promote their operation ability. The evaluation of fund performance, also called fund ranking, has a mature quantified index system and model, the index includes: profit rate index, profit structure index, Sharpe index (the profit index after risk adjustment), Jensen index, marketing select index and discount rate index, etc.This research is to make analysis on 10-kind deferent style fund which was founded earlier in our country, we make analysis through the calculation of a vale and index of Sharpe, Jensen, Treynor index, etc to evaluate the performance of each fund. Through analyzing whether the fund profit derives from stock-choice ability or marketing select ability, we find that most open fund in our country do not have the ability of stock-choice and marketing select,. Our national funds do not have theability to evade the risk and begin shrinking collectively when face a falling market, at the same time, it seriously demand the short mechanism and stock-index future to evade the risks effectively; we also made a research on the durative character of national open fund, and find that the duration conclusion of national fund is not convincing for its short-time existence. |
