The Performance Difference Attribution Of China's Stock Open-end Fund Based On Assets Allocation

With the development of China's financial market, securities investment fund has been more and more concerned by the whole society, the asset allocation management and performance evaluation of fund has become one of the hottest topics. Nowadays, the researches about performance evaluation and such index system of fund are so common,but only performance evaluation is just a part of mater, people are more concerned about how performance can be made? how differences between funds can be made? how to improve fund performance? how to perfect fund management? Obviously, facing such questions, the asset allocation management can offer a study angle since it has natural contact with fund performance.This paper's purpose is to reveal the asset allocation difference of the same type of fund which have different performance, and make sure whether there is causal relationship. By this, we can know the cause of performance difference based on the asset allocation management. This paper selects those stock open-end funds that established more than five years by 2010 for samples, and makes assumptions based on the policy assets, fine class asset, and specific stock selection between the funds that performance well and poor. The policy assets means position proportions of stock,bonds,cash, fine class asset means industry asset allocation, specific stock selection means listed companies selection and the ability to select stocks and trading opportunity. Refer to existing research methods on the asset allocation management and performance evaluation of fund, this paper studies and compares the differences between the funds that performance well and poor in the rise and fall, consolidation periods.The paper's most prominent feature is making a contribution to the application of fund asset allocation and performance evaluation by finding out the difference in the same type of fund, while making a further understanding to related theory. In the end, this paper reveals some problems fund asset allocation management existed, and provides some helpful suggestions.