A Comparative Analysis Of The Factors Affecting The Performance Of A Single Fund And A Fund Portfolio

The new version of the "People's Republic of China Securities&Fund Investment Law" have been formally implemented on June 1,2013 which marked the legalization status of the FOF fund was established.However,compared with the FOF fund has been a mainstream investment method overseas for years,it's still in infancy and has much room for development in china.On September 8,2017,the first batch of publicly-funded FOF products was formally approved which indicates the FOF fund is essentially founded in China and going to enter a rapid development channel.Compared with the traditional portfolio,the FOF Fund is distinguished for it takes fund as the subject,which is different from any previous assets combination,and also makes FOF become a new financial products and investment varieties.The purpose of this paper is to analyze the effecting factors' influence on the performance of Equity Fund and Equity Fund combination,and to study the influence difference,degree and the rank of influence degree of these factors' influence on the performance of single fund and the fund combinations under three market conditions which are bull market,bear market and market turbulence.This paper chooses 7 variables,such as fund size,fund rate,fund risk,fund manager' ability of choosing timing,fund manager's stock selection ability,fund holding concentration and fund flow rate as independent variables,take three years' relative data around 2015 stock disaster as sample,to have relative demonstration test to the effect factors of single fund and fund combination through multivariate regression model.The results show that the same effecting factors have different influence on the single Fund and fund combination,the degree of effecting factors under different market conditions is different,and the rank of effecting factors under different market conditions is also not the same.These conclusions not only provide solid and reliable reference for the construction of FOF Selection Fund and FOF Fund pool' s operation,but also provide theoretical basis for the overall performance evaluation and effecting factors' study of FOF Fund,most importantly,it provides reference research ideas and methods for the research of combinatorial management like MOM and so on.