Empirical Study Of China's Securities Investment Funds Investment Strategy And Its Performance

After a few years of development, the stock mutual funds as the structural investors, their functions to the stock market have became more and more obviously. What are the strategies the funds undertakes? And how these strategies work? Such questions have gradually got attention from the theorists and the investors.Many stock market anomalies have emerged vastly in the stock market, and shaken the basis of classical efficient market theory radically, but modem financial theory cannot irrationally interpret them. To these anomalies, the new theory -- behavioral finance, combined human psychology and behavior into the framework, can give us some more convincing explanations than before from a totally different perspective. Especially in China, our stock market is not efficient yet, so it also sheds light upon the investing strategies for the institutional &individual investors of China. Among the behavioral finance strategies, contrarian investment strategy (CIS) and momentum trading strategy (MTS) are most usually and profitability.According to CIS and MTS which are the typical behavior financial investing strategies, this thesis investigates the investment strategies of our country's closed mutual funds. Furthermore, it studies the performance led by the different strategies. Then, this thesis gives some practical suggestions to the stock funds of our country.