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随着我国开放式基金业的发展,基金的数目越来越多,因而考察基金的投资风格是投资者选择基金类型的第一要素,也是基金最重要的识别系统之一。本文用夏普模型对我国开放式基金的实际风格进行了识别和分析。从分析上看,发现从整个考察期看,基金的投资风格并不稳定,在股市的上升期间,基金管理人更注重于选择个股,追求超额收益;而在股市下降期间,基金管理人则注重基金资产在各资产类别间的配置,力求维持基准收益率。
With the development of China’s open-end fund industry, the number of funds is more and more. Therefore, examining the fund’s investment style is the first element that investors choose the fund type and is also one of the most important identification systems of the fund. This paper uses Sharp model to identify and analyze the actual style of China’s open-end funds. From an analysis point of view, we found that from the entire inspection period, the fund’s investment style is not stable. During the rising period of the stock market, fund managers pay more attention to selecting stocks and pursuing excessive returns. During the decline of the stock market, fund managers pay attention Fund assets in the allocation of various asset classes, and strive to maintain the benchmark rate of return.