The Research On Fund Performance Based On Fund Allocation Strategy

With Chinese rapid economic development, the awareness of financial investment of residents is becoming stronger and stronger.There is important significance for research on fund. Based on the theory of fund allocation evaluation methods, combined with mathematical models and Chinese securities market, this paper makes the analysis and empirical study on fund performance and gets the following results.The best choice is to invest risk-free assets when the price of risk assets is in a period of consolidation and down time,such as bonds.The more investment of risk assets,the lower the net.Taking the mixed strategy of constant in a period of consolidation and portfolio insurance strategy in a period of rise and fall time can obtain the highest relative net and best relative performance.The standard deviation of risk assets is greater than the risk-free assets,with an increance invsetment of risk assets,the tandard deviation of the growth rate of the net value of fund is increasing.Portfolio insurance strategy is best for the period of rise and fall time and worst for the time of consolidation.Taking it can achieve the highest net and growth rate of it and bear greater market risk.The implemetation of portfolio insurance strategy can obtain the highest of the excess yield of the fund's standard deviation.When in fall time ,the net and the growth rate of fund are highest and the standard deviation of it is smallest by taking portfolio insurance strategy which is optimal in the time.Buy-hold strategy is a strategy which is in the middle of configuration.It will not change with market which result neither optimal performance nor greatest risk. Mixed strategy of constant is applocable to consolidation period and bad for fall time. The implemetation of it can achieve the highest net and the growth rate and bear greater market risk. In addtion,taking mixed strategy of constant can get the highest yield of standard deviation of fund,which is a good choice for risk-eavding investors.The research on fund allocation is limited the scope of the stock and bond markets and doesn't take derivatives markets.With the improvement of Chinese capital markets,there are a lot of financial products coming up,such as the stock index futures, if allowed to invest it for heding ,further studied will be needed for fund allocation.