Research On The Performance Evaluation Of Fuguo Tianyi Value Hybrid Fund

With the rapid development of China’s capital market,the fund industry has further expanded,among which the number and scale of hybrid funds are at the forefront of public funds and are attracting more and more investors’ attention,but in the face of tens of thousands of funds in the market,investors are often caught in the dilemma of choosing.In view of this,this paper takes the Fuguo Tianyi Value Hybrid Fund,which has not relied on a star fund manager but has been ranked fourth in total performance return,as the research object,and provides a new path for fund performance evaluation by constructing a fund performance evaluation system,and explores the reasons for the fund’s excellent performance for the study and reference of market participants.Since it is difficult to comprehensively evaluate the fund performance by using only a single model,inspired by the portfolio model of fund performance evaluation by Flush,this paper chooses to combine three models to build a fund performance evaluation system,firstly,the CAPMbased single-factor performance evaluation model is selected from the external perspective to analyze the impact of the fund’s risk-adjusted return on the fund performance,then the TM-FF3 model is selected from the internal perspective to analyze the impact of the fund manager’s Finally,the DEA model is selected to analyze the fund’s performance.From a comprehensive perspective,the analysis of the CAPM-based single-factor performance evaluation model shows that the fund outperforms the market benchmark portfolio in more than 82% of the time in terms of total return,and the average value of excess return reaches 9.57%,its risk premium level is high and its performance is excellent;the analysis of the TM-FF3 model shows that the main reason for the fund’s excellent long-term performance is that successive fund managers have adhered to long-term value investment and However,the fund manager’s relatively poor timing ability has to a certain extent constrained the fund’s performance;the DEA model analysis shows that with the maximum efficiency value of 1,the fund has a mean technical efficiency of 0.937 and a mean scale efficiency of 0.876,and the fund has excellent overall performance.The paper concludes with recommendations from the perspectives of investors,fund managers,fund companies and regulators,in conjunction with the above findings.