Research On Excessive Income Of Quantitative Fund And Its Influencing Factors

With the rapid development of China's capital market,especially the open-end fund market,more and more market participants are investing in China's open stock-type quantitative fund,and the market is still based on the open-stock active management fund,The research on the excess returns of the quantitative funds and their sources is of great significance to investors,regulators and research scholars.In this paper,from the performance evaluation and performance attribution of two aspects,empirical study of China's quantitative(hedge)fund in the early development of the performance,found in October 2013-November 2016 period:(1)open stock-type quantitative funds in the proceeds And the overall risk is superior to the traditional active management of public funds,and compared to benchmark performance achieved positive alpha gains;(2)China's open stock-type quantitative fund products to achieve higher returns is not due to assume higher risk;3)China's open stock-type quantitative fund to achieve higher returns because of its fund managers have a higher stock picking ability,specifically in the bull market stage with older,longer working time,better education fund Manager's fund performance is often better,but in the bear market stage these factors and fund performance was not significant.