Research On The Investment Style Of Xingquan Herun Mixed Fund

With the continuous development of our country multi-level capital market structure is perfect,public offering of securities investment fund as one of the major institutional investors on the market,with its professional investment capacity,convenient explain buy and redemptive redeem way and low investment threshold to attract more and more investors to participate,fund investment scale is growing,Investment fund has become one of the main ways for people around to manage their money.The investment style of a fund is crucial to its performance.At present,domestic and foreign literatures mainly take stock open-ended funds within the scope of the overall market as samples for research,and most of the researches are conducted from the two dimensions of the size of the stocks held by the fund portfolio and the growth/value attribute.To this,the paper selected nearly ten-year reunites the yield performance outstanding Xingquan Herun hybrid securities investment funds hereinafter referred to as the("Xingquan Herun fund")as the research object,from the fund’s portfolio holdings concentration,holding period,and risk appetite,adopt the method of combining theoretical research and empirical analysis to deeply analyze its investment style,In order to better understand the investment style of the fund,find the deep relationship between the performance of the fund and its investment style,and then provide the corresponding reference for the majority of individual investors to choose the best fund,institutional investors to manage the investment style and regulators to improve the efficiency of supervision.Paper first theoretically analyzes Xingquan Herun embellish fund investment style,it is found that,in terms of ownership concentration style,Xingquan Herun funds on the whole maintained balanced partial decentralized investment style,at the same time,industry configuration will be adjust according to policy leading,market volatility,and individual stocks concentration also is to adjust the market volatility,Only in the market within a clear range of individual adjustments;In terms of the holding term style,the overall holding term is long,but in order to balance the long-term and short-term earnings,certain positions will be allocated according to the market situation of individual stocks to earn market trend earnings;In terms of risk preference style,the overall stable investment style of Xingquan Herun Fund,which is determined by the investment philosophy,assessment mechanism of fund companies and the investment philosophy and personality of fund managers themselves,will only show short-term radicalization in the case of extreme market fluctuations.On the basis of the above theoretical analysis,the paper adopt the way of empirical analysis to Xingquan Herun fund investment style effect is studied,the results found that Xingquan Herun fund investment style during the period of most conforms to the market trend,get beyond market and similar fund returns,the industry concentration and risk preference style can bring certain positive returns to the fund,However,with the increase of fund popularity and market effectiveness,the style of individual share concentration degree and holding period of Xingquan Herun Fund has been unable to effectively improve fund performance.