Research On The Investment Style Drift And Influencing Factors Of The Partial-equity Hybrid Open-end Fund Of China Southern Fund Management Company

In recent years,the overall level of domestic fund industry has developed rapidly,the scale of overall management has been expanding,the types of funds that can choose to invest have become more and more abundant,and the excess returns that fund investment can obtain are also rising steadily,relying on the advantages of "professional management,risk diversification and centralized investment".In the investment market,it has attracted wide attention of many investors.Stock-based funds are growing rapidly,and are still favored by most investors in the context of the overall economic downturn in 2018 and the stock market downturn.So,as an ordinary individual investor,how do we choose the right fund products? Do fund managers who are trusted and expected by investors really have more professional investment analysis capabilities and bring them the expected returns? How do fund managers achieve excess returns through rational asset allocation? Do they follow the investment strategies and styles declared at the time of the foundation? These are topics of general concern to investors,so the performance evaluation and analysis of funds has been given an important theoretical and practical significance.This paper chooses Southern Fund's stock-based open-end funds as the research object.Firstly,this paper makes an empirical analysis of its investment style drift by using the multi-factor model,and studies the impact of its investment style on its performance.Then,taking Southern Fund as an example,it studies the impact of its investment style drift.The factors are analyzed.Finally,specific suggestions are put forward to the relevant subjects.The results of this study show that most of the Stock Open-end Funds of Southern Fund Management Company have the phenomenon of investment style drift,whether in bull or bear cities;their investment style has convergence;the fund performance with investment style drift is better than the market benchmark performance;and the herding effect of investors.The high turnover rate of fund managers,the profit model of the fund,the ranking of the fund and the market mechanism will induce the drift of the investment style of the fund.The value of this study is: through the study of the investment style of the fund,for individual investors,it is helpful for them to choose the fund products that meet their own risk preferences and their own earnings expectations.For fund companies,it is helpful for them to better supervise and guide the asset allocation and investment style of fund managers,and make an objective evaluation of fund managers' investment management performance from various perspectives,so as to maintain a relatively stable situation of return and risk.Finally,for the fund regulator,it can enable the regulator to detect market anomalies in advance and enhance the supervisory and regulatory capacity of the regulator.