Study Of Our Equity Open-end Structured Fund Performance

From the first closed-end funds issued in 1992 to nearly 3000 the total amount of funds now, whatever it is the number, size and species all have achieved good results with the development of China's fund industry. In order to gain more market share,fund companies managed to do innovative research constantly. Then, the structured fund came into being. Structured fund, is under the same portfolio, through the distribution of net assets or fund income forming two or more stages with a differentiated risk-benefit fund shares. From a hierarchical Funds currently on the market have been issued, the structured fund shares into A share that is preferred share, B share that is aggressive share, under normal circumstances, to achieve an agreed rate of return is the share A share, B share bear deduction convention investment rate of return after breakeven, excluding a share of the agreed rate of return of principal and the remaining assets of all the B share, B share has leverage.Structured fund first appeared in foreign countries, China issued its first grade fund in 2007, China fund a single species, smaller, and therefore less of their research. Compared to other fund, it is more investor and company prefer to structure fund because of their complex, flexible terms..But structure fund appears in China just eight years, in addition, less research will hinder innovation and development of structure fund. Moreover, even the General Fund, our country does not have a standard fund performance evaluation system, evaluation index fund used mostly mature foreign fund performance evaluation method. It is difficult that investors select the good structure fund for investment.In this paper, we will research the performance of structure 30 sub-funds in the last three years. The models and methods involved in about five apart: the traditional grading fund performance evaluation index, a measure of the Fund's risk classification, index classification of funds risk-adjusted, classification of stock-picking fund managers timing ability index, sustainability index fund classification. By the performance of these five dimensions of a total of more than ten indicators to measure and evaluate the performance of samples fund objectively.in order to provide reference for investors to choose structure fund.Through factor analysis of the evaluation system to analysis principal component, analysis and verify these performance indicators and methodologies of funds is effective in this study. Due to the stability and leverage is an important feature of the structure fund, the paper factor analysis was also add the price leverage, net leverage, A share of the premium rate, B share of the premium rate and other indicators to verify these performance indicators to examine whether the structure fund is valuable. Finally, get an objective analysis of the results and give some structure fund investment strategy.