Study On The Investment Strategies Of Fund

As one of the important institutional investors of modern financial markets, fund has developed greatly for recent years in China. It is very important for a fund to design the appropriate investment strategies,style and schemes, therefore, the thesis studies the subject systematically as follows:Chapter 1explains the concept of fund and gives a retrospect of Chinese securities markets and the corresponding earnings models. The frame of the thesis is also outlined in this chapter.On the base of the discussion on volatility characters of stock market, chapter 2 investigates the related theories such as Efficient Market Hypothesis (EMH), and introduces several main investment genre in our security market.Asset allocation is the most important step in the process of fund investment. In chapter 3, we describe the procedure of asset allocation in detail; the different asset allocation strategies are also discussed and compared in this chapter. Chapter 4 researches the investment strategies of stocks portfolio. We review the portfolio theory firstly, and then discusses how to design the investment strategies & styles of the portfolio.The last chapter is the empirical analysis of fund investment in China. Firstly, we discuss the actualities of asset allocation of fund in China according to the recent data. Secondly, we test the state of the investment style of open-ended fund of our country and show the inability of stock-picking and time-selecting of fund. We get the conclusion that we cannot find the significant difference among the funds with different investment strategies. At last we provided some suggestions and measures to impel the investment style difference.