| Amid the global green and low-carbon transformation,China’s independent contribution continues to rise,and the development of green transformation continues to deepen.Recently,the goal of carbon neutrality has been mentioned again.China has set a goal of "achieving carbon neutrality by 2060." It also determined the overall goals for green finance reform and development during the 14 th Five-Year Plan.,and green finance is becoming increasingly strong.As an important part of the green financial system,the Green Fund has developed rapidly under the promotion of relevant national policies.Among them,the Green Securities Investment Fund mainly invests in green and environmental protection industries.Its purpose is not only to realize long-term appreciation of asset value,profit creation and income increase,but also to take into account multiple responsibility factors such as society,environment and corporate governance,and to coordinate the profit driven capital and environmental sustainability.So,the research fund investment operation is very important,for the fund itself to obtain higher returns in the future,other funds to learn from the lack of experience,investors in-depth understanding of the conversion of ideas,are of great significance.This paper takes Harvest environmental protection and low-carbon equity fund,which has a better overall performance among green securities investment funds,as the research object and carries out a case study on the investment operation of the fund.Firstly,the case of investment operation is introduced,including the operation environment and process.Describes the green operation environment from different levels and excavates the high-performing Harvest environmental protection and low-carbon equity fund,combs the investment strategy and risk control in detail,lays a good foundation for the analysis part,and fully understands the basic information of the fund operation.Secondly,comparative analysis,statistical analysis,empirical analysis and index scoring method are used to analyze the operation effect of fund investment,and the research is carried out from the four aspects of single factor income,income profit,risk and social responsibility.Thirdly,the influence factors of the overall operation effect of the fund are analyzed.By empirical method,the TM-FF3 model is used to conduct return attribution analysis on the ability of stock selection and timing.The reasons for risks and social responsibilities are explored through corresponding indicators and scores,and the experience and deficiencies are summarized,suggestions and inspirations are proposed.The analysis results show that :(1)Harvest environmental protection and low-carbon equity fund adopts top-down industry allocation and bottom-up stock selection,and in most cases,it is the investment style of large-cap growth stocks.A market timing strategy uses fundamentals and valuation to buy or sell stocks.(2)The operation effect is reflected in the high single-factor return and driving the growth of income and profit of fund companies,but at the same time,there is also a situation of large overall risk and inadequate fulfillment of social responsibilities.(3)The good effect is due to the strong timing ability of the fund as a whole,and the excess returns of small-market stocks.The overall risk is greater from the risk of stock,and the poor social responsibility is due to the investment companies’ failure to timely disclose social responsibility reports and inadequate implementation of green responsibility.(4)Combined with Harvest environmental protection and low-carbon equity fund investment operation experience and disadvantages,from the information disclosure and stock selection ability,market timing ability and risk management of four angles puts forward Suggestions for the development of positive future funds and set in ESG criteria,attaches great importance to the social responsibility,allocation portfolio and green power industry upgrade four aspects of green securities investment fund. |
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