| With the rapid development of the fund industry,the full evaluation of the fund product's revenue and deep understanding of the fund's performance is high or low,which has become the focus of both fund managers and fund product buyers.The development of foreign fund markets is much more mature than in China.In the 1930 s,foreign scholars began to conduct research on fund performance evaluation.Initially,the fund's income performance is used as an intuitive basis for evaluation.However,this method is too simple to make a reasonable explanation for the merits and demerits of the fund's earnings performance.The fund manager or the fund product purchaser cannot understand the fund's performance.The reason for the high or low.Later,with the development of relevant theories and research,scholars have proposed a variety of performance evaluation methods and obtained a large number of research results.So far,the fund performance evaluation has become an indispensable part of the entire fund operation system with the gradual improvement of the performance evaluation method.This article first introduces several commonly used performance evaluation methods abroad and evaluates them.Then,the Brinson model is mainly explained and analyzed in detail,and the basic ideas and improvement methods of the model are introduced.Then,based on the Brinson model,the asset allocation strategy and stock investment strategy of the equity fund are fully considered.Equity funds have built a hierarchy of performance from asset allocation of different asset classes(stocks,bonds and bank deposits)to asset allocation in a variety of stock industries,to the selection of various stocks and asset allocation to individual stocks.Empirical analysis was performed based on the model.The results show that asset allocation,industry allocation,and individual stock allocation,which are decomposed into asset allocations after stratification,can explain the performance of the fund more clearly. |
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