Performance Evaluation Study Of The New Dynamics Hybrid A Fund Of Shanghai Investment Morgan

Although China’s securities investment funds started late,with the rapid development of China’s capital market,the scale of the fund industry is also expanding rapidly,of which hybrid funds are the largest fund type in China’s securities investment fund market.Based on this situation,more and more investors are beginning to pay attention to funds,and they find that professionally managed securities investment funds can make up for their lack of expertise,while also being able to obtain a yield that exceeds that of bank deposits.Therefore,investors are paying more and more attention to how much income the fund can bring to them,and the performance evaluation of the fund has become particularly important.In this paper,a fund,namely the Shanghai Investment Morgan Emerging Dynamic Hybrid A Fund,is selected as the research object,and the asset allocation and industry allocation of the fund are analyzed specifically,and the T-M model and the DEA model are used to quantitatively analyze the fund manager’s stock selection timing ability and the comprehensive performance of the fund,respectively.Because open-end funds have the characteristics of free subscription and redemption,and fund investors are most concerned about the performance of the fund when they subscribe and redeem,and the investor’s redemption behavior will also have an impact on the performance of the fund.Therefore,after evaluating the fund’s stock selection ability and comprehensive performance,investor behavior is introduced,and the relationship between fund performance and investor behavior is studied with the relevant data of the fund,which verifies the consistency between the fund performance evaluation and investor behavior.Taking this fund as an example,it analyzes possible problems in the fund market and makes practical and effective policy recommendations for fund investors,fund managers and regulators.In terms of asset allocation and industry allocation,this paper shows that the fund manager of the fund shows strong personal characteristics,and allocates more of the fund to long-term emerging industries,which not only has higher returns in the short term,but also focuses on the long-term development direction;through the T-M model,the fund manager’s ability to select stocks and timing is found that the fund manager has a certain ability to select stocks and timing,but its timing ability is weak and negligible;through DEA analysis,it is found that The main factor affecting the overall efficiency of the fund is its scale efficiency,that is to say,the main factor affecting the performance of the fund is the volatility of the stock market and its decline in individual years.It can be seen that the stock market is closely related to the trend of the fund,the decline in the stock market will lead investors to hold a pessimistic attitude towards the entire capital market,which will reduce their investment enthusiasm and lead to a decline in the performance of the fund;in the study of the consistency of investor behavior and fund performance evaluation,it is found that the "redemption vision" is common among ordinary investors in China and there will be a lag;at the same time,the investor’s subscription and redemption behavior and the net value growth of the fund have a certain correlation.Investors will choose a fund that performs well when investing in the fund.Through the analysis of the hybrid fund,it expands to the entire fund industry in a small way,and puts forward targeted policies and recommendations for its investors,fund managers and regulators,with a view to making the entire fund industry develop in a more sound and perfect direction.