| This paper takes 430 open-end equity funds established in China from the end of 2001 to the end of 2014 as the research object,and measures the large sample funds by constructing a scientific and reasonable indicator of the fund's investment style drift,and then from the fund type(growth,balance Type,income),fund companies and single fund analysis of the characteristics of fund investment style drift,on this basis,the analysis of fund investment style drift and its fund performance,risk returns,etc.between,given according to the actual situation Corresponding suggestions.This paper studies the investment style drift behavior of China's open-end equity funds.The declaration of the prospectus of different investment styles of fund identification results are basically the same,most of the investment style to the broader market growth and small-cap growth.The use of fund-style drift quantitative model to analyze the degree of fund investment style drift found that,from the fund companies,fund types and single fund level there are characteristics of fund investment style drift increases over time and the characteristics of the bear market is greater than the bull market,Three bear markets(June2015-December 2015),balanced fund investment style drift reached the maximum,in violation of the stability of the balanced fund.The fund company's investment style is relatively stable,but the single fund within the fund company investment style gap between the greater gap.Fund investment style drift and non-systemic risk is positively correlated,but also in the bull market will reduce performance.This paper suggests that fund companies should strictly cultivate talents,set up mechanisms of reward and punishment,and take such actions seriously.Investing in accordance with market rules should be adhered to by every fund manager.Clear investment style should be adopted to reduce risks.Regulatory authorities can identify,Fund investment style drift timely and effective regulation of the fund market. |
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