| At present,public securities investment funds have become an important tool for individual investors to invest and manage financial affairs,and play an important role in promoting the development of China’s securities market.The investment strategy of public securities investment fund embodies the investment idea of fund managers and directly affects the investment performance of the fund.Therefore,it is of great practical significance to study the investment strategy of the fund.At present,scholars mostly choose to study the investment strategies of all or a certain type of funds and evaluate their performance,but they can not point out the reasons why the performance of funds using the same or similar investment strategies is far from others,so they can not put forward specific suggestions and measures for fund managers to manage funds and individual investors to choose funds.Through the in-depth analysis of the investment strategy of Jiashi Growth Mixed Fund,the paper finds out the reasons for its long-term excellent investment performance,and provides targeted suggestions for fund managers and individual investors.Firstly,according to the current research results and existing problems,the paper puts forward research ideas and problems to be solved;secondly,it analyses in detail the formation mechanism,stock selection strategy and timing strategy of Jiashi Growth Mixed Fund investment strategy,then analyses the effect of fund investment strategy,and uses TM-FF3 model to carry out stock selection ability of Jiashi Growth Mixed Fund.Full-cycle and interval-based empirical tests;Through comparative analysis of the effects of investment strategies under different circumstances and under different managers’ tenure,it is found that Jiashi Growth Mixed Fund performs poorly in bull market and better in bear market and shocky market;the performance of the fund varies in different managers’ tenure,but the more perfect investment strategies especially good stock selection strategy that keeps the performance of the fund stable.The empirical results also show that the fund has significant stock selection ability in the whole cycle,but it does not have timing ability,and investment growth stocks have a greater contribution to the performance of the fund.Accordingly,the paper puts forward specific policy recommendations for individual investors,fund managers and regulatory authorities. |
