Research On The Influence Of Fund Investment Style Drift And Performance

The research on fund investment style first started abroad in the early 1970s.It has more than 50 years of research history,and the research results are quite rich.After a long period of practical testing,the theoretical research results have confirmed that it exists practical significance,the application is more extensive.Judging from the development status of the fund industry in recent years,it has achieved rapid development.However,the actual operation will adjust its own investment strategy according to the changes in the current market situation,that is,the fund investment style drift behavior,but when investors just subscribe for the fund,each fund will have its own agreed style,which may deviate from the investor’s risk type preference when style drift occurs.Therefore,in order to ensure the interests of investors,it is necessary to conduct research on fund style drift.This article mainly conducts research from the perspective of investors.In the process of actual fund operation,style drift is a common situation.Therefore,when the fund style drifts,it is guaranteed that investors can detect changes in their investment styles in time,which can help investment The operator can quickly identify and take corresponding measures to reduce the losses caused by such risks.From the research results of this paper,Sharpe model and regression model are mainly used to carry out the research.The main research conclusions are as follows:(1)The name of the style for the value and growth style of fund is more prone to drift,and balanced fund is not so easy to style drift,and can find different kinds of style fund incidence style drift in a bull market and bear market in the probability of occurrence style drift,it shows the fund’s own management style drift problems,Whether in a bear market or bull market,the probability of style drift is basically the same,but the drift direction is different.(2)Secondly,the dynamic research of this paper is carried out,and SDS is used to calculate the value of each time period,through the value to determine the size of the type of different style fund style drift situation in different periods,from the point of the research results,different types of funds in different time period style drift degree is different,such as the stage in a bear market,The growth fund style drift level gradually increases,indicating that the more to the late bear market growth fund style drift is more obvious.In the bull market,the drift of growth funds is not obvious,but the drift coefficient of balanced funds and value funds is significantly improved.(3)Finally,this paper further studies the influencing factors of fund style drift.The primary consideration is fund performance.Then,the total value of fund assets at the end of the period,the level of interest income,the proportion of investment income and the rate of transaction expense are used as control variables to study the effect of their influence on fund style drift.From the perspective of the results of research,fund performance for there were significantly positive correlation with fund drift,show higher growth rate of net value of fund,the fund style drift is,the greater the degree of this kind of situation in the whole sample and the bull market phase,this shows that the fund style drift and cash profit there is a significant relationship,if its fund performance,the fund produces the probability of style drift is higher.