Empirical Analysis Of Position Structure Timing Ability And Fund Performance

In different public offering fund products have different proportion of equity holdings limited,and different proportion of equity holdings limited to a certain extent impact on fund performance and reflect whether the fund managers have when choosing ability,based on the 18 variables related to level of performance evaluation of public funds as explanatory variables,focus on the introduction of equity holdings of fund net value than this data,Timing ability and stock selection ability were used as the explained variables to model respectively,and the fixed effect model,mixed effect model and random effect model were selected as the best.Final observation data,the fund operation of the stock positions have the lowest investment restrictions,stock funds no less than 80%.slant hybrid fund not less than 60%,the public offering fund in our country all the year round to show the characteristics of the operation of the high positions in the vast majority of slant mixed type fund of fund managers also maintain a high position in down market operation,not 60%will open good buffer utilization.It shows poor timing ability,and the empirical results show that in most cases,reducing stock holdings in fund management shows better timing ability and stock selection ability,which ultimately leads to better fund performance.In terms of product creation,fund managers at the present stage do not make good use of the advantages of mixed-stock funds,but mixed-stock funds do give fund managers more operating space in the timing of fund management,so we should maintain or release the restriction of this proportion to give fund managers more space to play;At the same time,institutional investors intervene in the market through the observation of fund flow,which helps the timing of the fund to a certain extent,and finally makes the performance of the fund better.China’s public funds should continue to optimize the position structure and investor structure of the products in the initial stage of product creation,so that the fund has the genes to obtain good performance level before launch.