Research On The Investment Portfolio Of Open-ended Funds Of Our Country

Open-end securities investment funds do not fixed fund shares, investors can at any timepurchase and redemption fund shares, The behavior of investors will make changes in fund size.Open-end fund has a f features of benefit-sharing and risk-sharing, but because of the "open"feature of the fund, investors based on the willingness to invest and the reality of the operation ofthe fund at any time can purchase and ransom units, the total share of the open-end fund is notfixed, it can always increase or decrease. Open-end securities investment fund has its ownadvantages, compared with the direct purchase of stocks for investment, investors can get thebenefits of professional investment by investing open-end funds, and the investment risk isrelatively small. Compared with bank deposits, investments in open-end funds is available tohigher income. Barriers to investment of open-end fund are low, and taking into account theliquidity and profitability, so it is suitable for small investors. Due to its strong profitability,open-end funds are often act as a cash pool and means of financing of many family pension,education, medical important. Open-end fund has a specialized investment banking services tolarge institutional investors such as insurance companies, pension institutions. Considering, theopen-end fund has the advantages of risk diversification, professional investment, profitability,security and increasing the value, is becoming one of the important way to invest in China’ssecurities market.With the clipping development of the open-end funds, the philosophy and behavior are moreand more attention. For fund managers, it is necessary to maximize gains in risk diversification,portfolio choice is particularly critical. A good portfolio constructed to take into account not onlythe size of the portfolio, but also in-depth analysis on all aspects of the macroeconomic, industrystatus quo and company fundamentals. In this paper, an open-end fund stock investment behavior,you can find a common problem in the open-end securities investment funds to build a portfolio, inorder to find the corresponding countermeasures to promote the development of open-end fundportfolio.In this paper, I launch a series of research for China’s open-end securities investment funds inthe stock selection preferences. First of all, I reviewed the theories. Secondly, according to theconclusions of the relevant literature on holdings preference model to filter out most of the stockcharacteristic variables mentioned in the literature as an alternative variable factor analysis method,and then use these alternative variables for further screening, based on the simplified index system,the data log-linear regression, to establish China’s open-end fund holdings preference model. Finally, according to the model in this article can be quantified open-end fund stock selectionindicators, which in turn provide investors with a stock selection basis. Combined with open-endsecurities investment fund portfolio status quo, summed up the problems faced by China’sopen-end securities investment fund portfolio development, and the development of China’sopen-end securities investment funds the development of a number of recommendations to addressthese issues.