Research On Investment Strategy Of China-Mail Strategic Emerging Industry Hybrid Fund

Domestic and foreign theoretical circles have made relatively fruitful research on the investment strategy of public funds,but most of the research is based on one type or a series of funds,and there is less research on investment strategies for one fund.This paper selects China-mail strategic emerging industry hybrid fund as the research object,and conducts in-depth research on its investment strategy,which leads to the conclusion that the securities investment market,institutional investors and individual investors have reference value.First,we will introduce the China Post Strategic Emerging Industry Hybrid Fund and its affiliated China Post Venture Capital Management Co.,Ltd.Secondly,the fund's stock selection strategy and timing strategy are analyzed.The stock selection strategy is comprehensively described in terms of stock selection basis,theme investment strategy,stock picking process and shareholding investment.The fund is selected on the timing strategy.Adopting long-term holding strategy and short-term strategy based on momentum and reversal,through in-depth analysis of fund strategy,it is found that the fund prefers investment in high-growth stocks,and long-term optimistic stocks will be held in long-term positions,and investment styles are relatively high.Radical,causing a fatal blow to the fund's performance after making mistakes on timing.Then use the TM-FF3 model to analyze the actual effect of the fund's stock selection and timing strategy.The fund's excess return rate is used as the explanatory variable to carry out multiple linear regression of the model.It is found that the fund manager's stock picking ability brings the fund.Positive excess return,and timing ability has no significant effect on the fund's excess return rate.Therefore,it can be known that the fund's stock picking strategy is effective and the timing strategy is invalid.In addition,the fund's excess return rate is also known.From the investment in the small-cap growth stocks,it can be seen that the empirical results are consistent with the analysis of the fund selection and timing strategy in the previous section.In addition,through the analysis of the fund's risk-return indicators,the overall actual effect of the fund's investment strategy is different in different years.Finally,based on the empirical results,the investment strategy of China Post's strategic emerging industry hybrid fund is summarized.Based on the research on the fund's investment strategy,relevant suggestions are put forward to the securities investment market,public fund companies,public fund managers and individual investors.