Research On Investment Strategy Of Minority Asset Management Co.,Ltd.

Private equity investment fund is an important part of China's stock market.The performance of private equity investment fund depends largely on the investment strategy used in the investment process.However,due to the strict directional information disclosure system,the theoretical research on the investment strategy of private equity investment fund is relatively inadequate.Therefore,for the first time,this paper takes Shanghai Minority Asset Management Co.,Ltd.,a representative company in the private equity investment fund industry,as a case to study the investment strategy of a single private equity investment fund manager in the stock market.The paper hopes to provide some meaningful reference on construction and implementation of investment strategy of private equity investment fund.On the basis of introducing the basic situation of Shanghai Minority Asset Management Co.,Ltd.and its fund products,the paper uses a combination of qualitative analysis and quantitative analysis to study the investment strategy.The paper analyzes the stock selection strategy and timing strategy of Shanghai Minority Asset Management Co.,Ltd.,and finds that Shanghai Minority Asset Management Co.,Ltd.adopts actively managed stock long strategy,uses the stock selection of blue-chip stocks with high return-to-risk ratio based on the five key dimensions on the traditional investment research system to allocate the investment portfolio dynamically,and adopts the timing strategy of long-term holding and position management to reduce risks and gain returns.Subsequently,the paper selects the TM-FF3 model to conduct a full-cycle and staged test on the actual effect of 17 private equity investment funds' stock selection and timing ability of Shanghai Minority Asset Management Co.,Ltd.from January 3,2017 to January 3,2020.Then,the related return-risk indicators and single-factor model are used to analyze the overall actual effect of investment strategy of Shanghai Minority Asset Management Co.,Ltd.,and to study the effectiveness of the investment strategy of Shanghai Minority Asset Management Co.,Ltd..The study researches some conclusions:(1)The excess return of Shanghai Minority Asset Management Co.,Ltd.mainly comes from its systemic risk and its stock selection ability.The stock selection strategy is effective,but the timing strategy is basically invalid.By analyzing the different factors that affect the performance of the fund,the paper finds that holding large-cap value stocks has made a great contribution to the performance of Shanghai Minority Asset Management Co.,Ltd..(2)In different market stages,the actual effect of investment strategy will show some differences.The stock selection ability in the upward phase of the market is stronger than in other phases,and it does not have effective timing ability at any stage of the market.Investing in value stocks contributes less for the performance in the market turbulence phase than in other phases.(3)The investment strategy of Shanghai Minority Asset Management Co.,Ltd.has certain effectiveness as a whole,and can obtain as much excess return as possible while bearing the corresponding risks,and its fund products have strong profitability.Finally,the paper summarizes the overall situation and actual effect of investment strategy of Shanghai Minority Asset Management Co.,Ltd.based on the results of research and test.The paper hopes to give Shanghai Minority Asset Management Co.,Ltd.,other private equity investment fund manager in the stock market and the regulatory authority some meaningful implications,and provides a certain effective reference for theoretical research on investment strategy of private equity investment fund.