Analysis On Investment Performance Of Quantitative Private Investment Funds In China

Private funds developed extremely rapidly.By the end of 2018,74,642 private funds had been filed,and the scale of the fund reached 12.78 trillion yuan.The scale of quantitative private funds has also expanded rapidly.However,in the mid-2015,the domestic financial market experienced violent fluctuations.The stock index futures were subject to very strict policy restrictions,and the development of quantitative private funds was limited.CICC has loosened stock index futures for three times,but the restrictions are still large.In the current situation,it is not known how quantitative the performance of private funds is.This article explores this.This paper selects all 61 quantitative private funds that were established before December 31,2015 and are still in existence as a sample for analysis.The results of Individual indicators analysis show that the quantitative private fund can not help investors to achieve the ideal return when the market declines.The regression results of H-M model and T-M model indicate that most of the quantitative private managers in China do not have the ability to select stocks and timing.In stages,The study concluded that the quantitative private fund has a better stock picking ability when the market rises,and has better timing ability when the market declines.Using cross-sectional regression analysis,it is concluded that China's quantitative private funds have no good performance.In order to make a horizontal comparison of different types of private funds,this paper draws 50 quantitative private funds and 50 ordinary private funds using factor analysis to score and compare.In addition,in order to avoid errors,the paper randomly selected ordinary private funds to repeat the factor analysis,and the results were cumulative.The results shows that the performance of quantitative private funds is better than ordinary private funds.