The Impact Of Fund Managers’ Personal Characteristics On Fund Performance In The Context Of COVID-19

Securities investment fund is an independent fund property formed by raising funds through the sale of fund units.As the helmsman of the fund,the personal characteristics of the fund manager will directly affect the performance of the fund.In the current situation of COVID-19,the fund performance is uneven in quality.This article wants to study the relationship between fund performance from COVID-19’s background and personal characteristics,and find out the internal relationship between them,so as to help investors choose funds that meet their own risk preferences and investment needs,and achieve personal assets’ value preservation and appreciation.In this paper,we use COVID-19 index and Wind fund index as research samples,and use event study method to choose the constant mean return model to analyze the samples and study the impact of COVID-19 on the fund industry as a whole and different types of funds.Then,taking different types of funds in COVID-19 as research samples,the SHARP ratio and Toreno ratio are selected as specific indicators of fund performance.The fund size and fund life span are used as control variables to study the fund managers’ educational background,gender,length of service,confidence level,and investment dispersion.The impact of personal characteristics such as investment style on fund performance.The results of this study show that COVID-19 has a significant negative impact on the fund industry and various funds in the short term.In the long run,equity funds and mixed funds have been significantly affected by COVID-19,and bond funds have been significantly negatively affected by COVID-19.Under the background of COVID-19,the personal characteristics of fund managers have a significant impact on fund performance,and academic qualifications are positively correlated with fund performance in most cases.The fund performance is not significantly affected by gender;There is a significant positive correlation between fund managers’ investment style and fund performance;The investment dispersion of fund managers is positively correlated with the performance of stock funds;The working years of fund managers are not significantly related to fund performance.Generally speaking,the personal characteristics of fund managers have a significant impact on fund performance,but the impact of the same personal characteristics on fund performance is not necessarily the same in different time intervals and different fund types.