Research On The Performance Of Wells Fargo Tianhui Selected Growth Fund

In recent years,public securities investment funds,as major institutional investors,have attracted the attention of many investors with their unique advantages in professional financial management and portfolio investment.Investment strategy plays a vital role in fund performance.However,many funds do not pay enough attention to the core link of investment strategy,and do not have an investment strategy suitable for their own development in the investment process,which restricts to a certain extent The long-term development of the fund.In this regard,this article uses the Fullgoal Tianhui Selected Growth Fund with 15 years of “long-distance running champion” performance as a case study,combining qualitative and quantitative analysis methods to conduct an in-depth study of its investment strategy,with a view to investing in individual investors and other institutions The author brings enlightenment in the formulation and implementation of investment strategies.Take the investment strategy of the Fuguo Tianhui Select Growth Fund as the starting point.First,give a detailed introduction to the fund management company to which the fund belongs.Secondly,the fund's investment strategy is examined separately from the fund's stock selection strategy and timing strategy.Regarding the stock selection strategy,the fund is based on active investment management,adopts a "bottom-up" stock selection strategy,and invests in reasonably priced and equipped stocks.For stocks with high growth potential,we will examine the fund's stock selection strategy from the three aspects of the fund's stock selection concept,stock selection criteria,and the characteristics of holding stocks.Regarding the timing strategy,the fund should operate at appropriate timings based on trend identification and confirmation models.Time strategies are reflected in position management.Then use the Fama and French TM-FF3 model to regress the fund's weekly data in the bull market,bear market,shock market and full cycle market environment.The results show that the fund has shown strong stock picking ability in the full cycle and shock market.During the bull market,there is no significant stock selection ability;the fund does not have significant timing ability in different market environments,and the contribution of small-cap stocks and low-book-to-market-value ratio stocks to fund performance is higher than that of large-cap stocks and high-book value under different market environments The market value is higher than that of stocks.Fund performance is mainly derived from taking the initiative to take systemic risks.The excess return is derived from the fund's strong stock selection ability.Finally,through the analysis of the comprehensive performance of the fund through the DEA model,it is found that the Fuguo Tianhui Select Growth Fund is more efficient among the sample funds,but its efficiency value is declining every year.The fund manager should combine his own actual situation to avoid operating performance In the future,there will be large fluctuations,properly handle the use of funds,and gradually improve their own efficiency.Research on the obtained slack variables found that the beta coefficient and maximum drawdown rate of the fund are relatively high,and the fund manager should appropriately reduce these two indicators.Improve the overall performance of the fund.