| In our country, security investment funds (SIFs) sprout up in recent years. As the most important institutional investors, Investment strategies of SIFs increasingly receive people's attention. In the intensely competitive investment market, the performance of SIFs concerns funds' survival and development, and the investment strategies of fund management companies are the decisive factor to the fund performance.Investment strategies of SIFs and performance of funds with various strategies are studied and valuated in this paper. The evolvement of strategies of SIFs in recent years and their future development trend is also analyzed. Introduction of strategies of SIFs applied in assets allocation, stock portfolio management and bond portfolio management is presented firstly and the feasibility of each kind of strategy is evaluated. Secondly, the strategies and styles of investment of SIFs are classified according to the difference of investment goal and understanding of the validity of market. The influence of these strategies and styles on the performance of funds is highlighted. Thirdly, based on the developing history of SIFs in China, the change of strategies and ideas of investment of SIFs is investigated. And the strategies and ideas of investment are evaluated from a qualitative angle. The analysis indicates that positive and aggressive investment strategy formerly adopted by funds received a serious hit from market from the large-scale adjustment in the second half year of 2001. Value investment that emphasizes analysis of companies' basic situation is gradually valued. Lastly, based on the classification of funds adopting different strategies, the performance of funds with different strategies in 2002 is evaluated by Data Envelopment Analysis (DEA) from a quantitative angle. The study shows that value funds and optimized index funds perform better, while growth fund perform worse, which fully explains the return of steady and rational investment strategy.
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