Investment Strategy Research Based On The Performance Attribution Of Equity Funds

The development of China's stock market is the main concerned topic to investors,phenomenon such as high retail concentration,The Effect of Sheep Flock,investors irrational investment and unstable stock market hinder the development of securities markets and the preservation and appreciation of investor assets.Equity funds have become an important part of investor asset allocation,which combines the advantages of professional management,scale effectiveness and risk diversification.At the same time,The number of issuance increases significantly with the improvement of capital market,and the establishment of fund performance evaluation system is imminent.This paper provides investors with an investment strategy to choose an equity fund of the perspective of performance attribution.Using The traditional portfolio performance evaluates model T-M,H-M and C-L models and screens the sample funds,then selecting funds with good performance and testing the effectiveness of the strategy.After that,internal evaluation method-Brinson attribution method,will be added to make objective evaluation and strategy supplementation for the validity of the traditional model.The empirical process is to use the model to screen out the fund with good performance during the screening period,and then select the fund's performance level during the test period.Through the empirical study,the choice of the benchmark determines the validity of the strategy.Excellent performance funds can be selected when the results of traditional performance attribution model are consistent.The internal Brinson attribution can verify the validity of the traditional performance attribution strategy from the side.