Research On Investment Strategy Of Fukuo Tianhui Growth Hybrid Fund

In recent years,as a major institutional investor,public security investment funds have attracted the attention of many investors with their unique advantages of professional financial management and portfolio investment.Investment strategies play a vital role in fund performance.However,many funds do not pay enough attention to the core link of investment strategy,and there is no investment strategy suitable for their own development in the process of investment,which to some extent restricts the long-term development of the fund.In this regard,this paper takes the Fuguo Tianhui Growth Mixed Fund,which has 13 years of "long-distance champion" performance,as an example,and combines qualitative analysis with quantitative analysis to conduct in-depth research on its investment strategy,with a view to bringing inspiration to the formulation and implementation of investment strategy for individual investors and other institutional investors.Starting from the investment strategy of Fuguo Tianhui Growth Mixed Fund,firstly,the general situation of the fund management company under the fund is introduced in detail.Secondly,the investment strategy of the fund is investigated from two aspects: stock selection strategy and timing strategy.With regard to stock selection strategy,based on active investment management,the fund adopts bottom-up stock selection strategy to invest in a reasonable pricing and timing strategy.For stocks with high growth potential,this paper investigates the strategy of fund stock selection from three aspects: the concept of fund stock selection,the criteria of stock selection and the characteristics of holding stocks;for the timing strategy,the fund operates properly according to the trend identification and confirmation model,and the timing strategy is embodied in two aspects: position management,momentum trading strategy and reverse trading strategy;finally,The Fama and French TM-FF3 model are selected of regresses the daily data of the fund in bull market,bear market,bear market,volatile market and full cycle market environment.The results show that the fund has strong stock selection ability in full cycle and volatile market,and does not have significant stock selection ability in bull market;the fund does not have significant timing ability in different market environment,and small-capitalized stocks and low book market in different market environment.Value-to-value stocks contribute more to fund performance than large-cap stocks and high book-to-market stocks.Fund performance mainly comes from taking systemic risks on its own initiative.Excess returns come from strong stock selection ability of the fund.Three risk-adjusted indicators,Sharp Ratio,Jason Index and Information Ratio,are used to test the annual actual effect of fund investment strategy.The results show that the fund has been taking systematic risks for many years.The benchmark income can be won in the annual performance,showing better actual results,but the annual performance fluctuates greatly and does not have sustainability.On the basis of the analysis of investment strategy and empirical test results,this paper summarizes the investment strategy of Fukuo Tianhui Growth Hybrid Fund,and finally puts forward corresponding suggestions for individual investors,institutional investors and regulatory authorities.