| Since the reform and opening up,China’s real estate market has experienced rapid development from scratch,from small to large.Behind the vigorous development,the real estate market has also exposed many crises,disorderly expansion,debt overdue,bond default and a series of negative news impact on the real estate market.The profits of real estate enterprises come from construction projects,and one of the construction funds is raised by issuing bonds and stocks,so the performance of the real estate market will also affect the income of real estate funds,infrastructure funds and investor confidence in the capital market.At this time the fund manager in order to stabilize the fund income of the fund investment strategy is particularly important.This paper takes the establishment of investor sentiment index as the starting point,choose the combination of direct and indirect index,index selection method of reference scholars,selected the IPO first-day yield,number of IPO,new accounts,turnover rate,average discount rate,the consumer confidence index closed funds six indicators,through the principal component analysis(pca)to analyze six indicators,Finally,the index of investor sentiment is constructed.Again with the typical real estate fund peng hua has 800 real estate fund project as an example,first of all,peng hua fund management companies to introduce the basic situation,again to peng hua has basic condition of 800 real estate fund,including fund investment policy environment,industry selection strategy,stock selection strategy,fund selection strategy,The fund timing strategies are fund position management,momentum trading strategy and reversal trading strategy.Finally,TM-FF3 model with investor sentiment factor is used for research and analysis.The research stage is divided into four stages: full cycle,bull market,bear market and shock market.The results show that investor sentiment has a significant negative impact on fund portfolio yield in the full cycle and bear market,while bull market and shock market have no obvious performance.After the comparative analysis of the returns of the fund investment strategies optimized by investor sentiment,the results show that in the bull market,investor sentiment is not significant,the fund managers have poor timing ability,and the fund portfolio yield is lower than the benchmark yield.In the bear market,investor sentiment has a significant negative impact,and the fund returns are optimized to outperform the benchmark rate of return.Most fund managers adopt reverse trading strategies and have good timing ability.The reason why investor sentiment is not significant in the shock period is that investors have different views on the future trend of the stock market.Investor sentiment in the process of the whole cycle for fund portfolio yield was significantly negative correlation,in the stages of a bull market and bear market sentiment is consistent,the fund investment strategy should be based on the negative correlation,investor sentiment towards using timing strategy of trade,so that more optimal portfolio returns.Finally,it summarizes the fund investment strategies based on investor sentiment,and puts forward corresponding suggestions for media,individual investors,fund companies,fund managers,policies and supervision. |
