The Study On Investment Style Of Open-Stock Funds In China

Recently, the development of open-stock fund is very fast. Investment style assessment is an important aspect of the fund rating. It is quite necessary to study the investment style of open-stock fund in China.In the paper the return-based approach is used and the asset class factor model of Sharpe is selected to contrast the nominal and the real investment style of 142 China's open-stock funds established before June 30, 2007. In addition, it is used of cointegration test and the error correction model to describe the close level of the open-stock index funds tracking the aiming index in it.The study shows that: first, accompanying with varieties of the stock market of China, the development of nominal style has different characters in periods; Second, the nominal style of open-stock fund is diversity, but in the course of actual investment the actual investment style of most funds were contrary to the nominal style, and the actual investment style focused on growth; Third, 25% of the open-stock index funds did not fully reproduce the aiming index, although the most open-stock index funds accord with the aiming index, but there is a degree of difference to some extent.