| In recent years,offering-funds are experiencing rapid development.The investment strategy of offering-fund is the core content that investors need to pay attention to,and it has a decisive influence on investors’ choice of funds and the potential return of funds in the future.However,the fact is that most investors do not care the investment strategy of the fund,they usually choose a fund according to the fund’s choice of industry or historical returns of the fund,the fund itself also exists the drift phenomenon of strategy and style.With this regard,this research takes Wanjia Selected Mixed fund as a case,deeply discusses the selection and application of its investment strategy,combined with the actual effect of the strategy,to show the importance of fund investment strategy,in order to bring some enlightenment to fund managers and fund investors.This research discusses the investment strategy of Wanjia Selected Mixed fund.Comprehensive,the belief of fund management companies,the investment strategy in fund prospectus,funds’ asset allocation,industry configuration,holdings configuration,and combined manager’s judgement,the investment strategy of Wanjia Selected Mixed fund is a dynamic strategy considering economic,industry cycle,and stocks’ qualification.Through the analysis of fund investment in the past five years,the Wanjia Selected Mixed fund has always adhered to the investment strategy.TM-FF3 and threestage DEA model are used to analyze the fund manager’s capabilities of stock and timing selection under this strategy.It’s found that the fund perform differently in those capbility and relative comprehensive efficiency.It’s concluded that only in these two years,Wanjia Selected Mixed fund shows a great capbility of stock and timing selection and reaches DEA efficiency.The low stability of fund management team is the related factor that causes the fluctuation of fund performance under the same investment strategy.In this research,the multi-dimensional analysis method is used to discuss the investment strategy of the fund,which to some extent overcomes the difficulty of identifying the fund investment strategy by a single method in the previous literature,and presents a more rigorous fund research process to the fund investors.At the same time,this research gives constructive suggestions to fund managers.As for regulatory authorities,this research advocates to strengthen supervision,protect the rights of investors,and improve the rules.Hope this study can promote the healthy development of the fund market. |
