Differences Of Fund Performance In Empirical Research

Securities market uncertainty and complexity to volatile prices of assets became more intense. It also allows ordinary investors and institutional investors began to gradually realize a reasonable assessment of the scientific importance of market risk. More and more people began to realize the power of portfolio theory, Instead of the previous investors in the pursuit of individual assets. The securities investment funds as risk-sharing to benefit sharing portfolio theory as the main investment strategies of financial instruments to get more and more investors began to pro-gaze. Rapid increase in the range of funds, making the Fund investment style of an important and urgent issue. However, the current academic research on securities investment funds remain in the perspective of most of the direct evaluation of fund performance, investment style of the fund very few combine the two studies is even more pitiful, style adjusted performance research is still quite immature. Through both static and dynamic perspectives, respectively, less than60open-end funds and19closed-end fund’s investment style drift of an empirical analysis, this section uses the empirical model is based on the yield of multi-factor analysis under the sharpe. And then using M2measure of value and regression model Gruber style drift for fund of fund performance is to do an empirical analysis of how it affects.We concluded that:Different types of funds had occurred mostly within the investment style drift throughout the study period. But in different sub-periods show the extent and direction of drift. Investment style drift in terms of fund performance. Overall, both in static or dynamic environment. Fund investment style drift for fund performance overall is helpful. Furthermore, the fund is not like the style of convergence of the conclusions of other scholars have said the fund manager or fund non-rational to follow suit immature market. On the contrary, the actual style of convergence is the fund manager of the fund value/growth and market initiative in select categories.