Research On Investment Strategy Of Greenwoods Asset Management

As an important component of the securities market,private equity investment fund attracts the attention of many investors with high yield,hidden investment,professional investment method and flexible investment mechanism.In recent years,the rapid development of private equity investment funds plays an important role in the securities market.Investment strategy,as the core investment concept of private equity investment fund,determines its investment performance and the company's future development.In this paper,we choose Greenwoods Asset Management,an established private equity firm in China,as the research object,select its fund as a research case,and use the method of combining theoretical analysis and empirical analysis,and study and analyze the investment strategy of Greenwoods Asset Management,with a view to giving other institutional investors,Individual investors and regulators take inspiration.The purpose of writing this paper is to study the investment strategy of J Greenwoods Asset Management.First,give an overview of the company.Secondly,the company's investment strategy is analyzed from the two aspects of stock selection strategy and timing strategy.Regarding the stock selection strategy,Greenwoods Asset Management adheres to the principle of deep value investment,adopts the "bottom-up" approach to select enterprises,at the same time,will take into account the "top-down" approach,on the basis of in-depth understanding of the target company,grasp the macroeconomic situation in the market and the development prospects of the industry in which the target company is located,Specifically from the concept of stock selection and the characteristics of positioned stocks to analyze stock selection strategy,on the timing strategy,Greenwoods Asset Management rarely make quantitative timing,but according to macroeconomic,industry development and changes in the company's fundamentals to make investment decisions.Finally,the selection of TM-FF3 model analysis 6 sample funds in the bull market,bear market,shock market and full-cycle stage of the weekly return,the results show that Greenwoods Asset Management have a strong stock selection ability but do not choose the timing or timing strategy failure,And funds that invest in large companies earn more than they earn from investing in small companies,and those who invest in high book value ratio stocks are more profitable than they earn from investing in a lower book value than stocks.Fund performance mainly comes from taking the initiative to take market risks,followed by a strong stock selection ability.Using the three risk-adjusted return indicators of Sharp,Jason index and Sotino ratio to analyze the actual effect of the investment strategy of the sample fund,the results show that the selected fund has a higher return than the market average in 2017-2019 and outperforms the market benchmark portfolio with higher market risk.Finally,on the basis of analyzing the stock selection and timing ability of the sample fund and the actual effect of the company's investment,the investment strategy of Greenwoods Asset Management is summarized,and the enlightenment can be obtained from institutional investors,individual investors and regulatory agencies.