基金投资风格

基金投资风格是现代基金绩效评价研究的核心内容之一。主要研究基金在既定期限内的资产配置情况，是基金投资策略或投资目标的体现。

Fund investment style involves fund investment strategies and embodies investment objectives . It is the core of the research on modern fund investment performance evaluation , which primarily studies the asset allocation within a given period of time .

理论部分，首先提出基金投资风格的定义，在此基础上对基金进行分类并指出各类基金投资风格的特点，然后运用投资组合理论、行为金融理论和委托代理理论阐述开放式基金相关理论基础。

Theoretical part firstly proposes the definitions of fund investment style , based on that to classify the funds and points out the characteristics of investment styles , then uses portfolio theory , behavioral finance theory and principal-agent theory to expound the foundation of related theory of the open-end fund .

我国基金投资风格及其成因

On China 's Funds Investment Style and Its Formation Causes

没有讨论市场状态对基金投资风格的影响，事实上，不同的市场状态下基金的投资风格会有所不同；

The market conditions that influenced the fund style were not included .

我国封闭式基金投资风格实证分析

A Style Analysis of Chinese Closed - end Funds

最后，本文分析了基金投资风格漂移的原因。

Finally , this paper analyses the reasons of the " style drift " .

我国投资基金投资风格及对个体投资者影响的实证分析

The Demonstration of Investment Manner of Securities Investment Fund and Its Effect on Individual Investor

本文主要侧重证券投资基金投资风格的研究。

In this paper , the emphasis is laid on the research on the investment manner of securities investment fund .

随着风格投资大行其道，基金投资风格的概念在投资领域已被广大的基金市场参与者所接受。

With the popularity of style investment , investment style has been more and more widely accepted by the fund investors .

随着基金投资风格的研究不断深入，我国基金业的发展也将不断成熟与完善。

With the study of funds ' investment style going depth , the Chinese funds ' industry would continue to mature and improve .

本章先给出了基金投资风格的定义，解释了什么是风格漂移、漂移风险，并对投资风格进行了分类。

This chapter first gives a definition of fund investment styles , explains what style drift is , drift risk , and classifies the investment style .

本文对影响基金投资风格的形成予以理论根源上的探讨：一是证券投资基金行为系统的博弈分析；

The Fund also affect investment style to the formation of the theory to explore the causes : First , securities investment fund acts system game analysis ;

基金投资风格是基金在构建投资组合过程中所表现出来的策略和理念，不同的投资风格形成不同的风险和收益水平，是投资者利益的根本体现。

Funds ' investment styles refleced the strategy and philosophy in the process of building a portfolio , different investment styles formed different levels of risk and benefits which reflected the fundamental interest of investors .

基金投资风格源于其投资理念和投资策略，一方面引导着基金在证券市场上进行操作，另一方面也影响基金的经营业绩和市场交易价格。

It origins from the investor 's investing idea and strategy . Since it leads to the funds operation on the securities market and also affects the managing results and dealing price of the funds , it affects the securities market itself .

正是基于以上情况，本文分析了投资风格理论在目前中国证券市场的应用情况以及基金投资风格所呈现的特点，并探讨了投资风格的变异情况及其对基金绩效的影响。

On the basis of above , this article analyses the situation of the theory of investment style applying to securities market , the characteristics of investment style , and also the variation situation of investment style and its influences to the mutual fund performance in China at present .

第四，本文利用Fama-French三因子模型来识别基金的投资风格并对基金的投资风格持续性进行了研究。

Fourthly , I use Fama-French three-factor model to identify mutual fund investment style and investigate the style consistency of mutual fund .

在此基础之上，采用Gruber模型对我国开放式股票型基金的投资风格识别和风格调整绩效进行了检验；

So , the identification of investment style of fund is becoming more important , and adjusted performance by investment style will better evaluate these types of funds .

大多基金的投资风格是平衡型；

Mostly the investment style of the fund is equal type ;

证券投资基金的投资风格分析与比较

Investment Style Comparison of Securities Fund

总之，社保基金的投资风格和对个股的偏好与选择基本符合其运营目标和投资理念。

In short , the stock characteristics of the social security fund invested in fit its operational objectives and investment philosophy .

从而透彻地了解基金的投资风格，确定其投资类型，便于投资者结合自己的收益与风险偏好进行合理的选择。

First , it is self-evident that the final goal of style analysis is to help the investors to make a rational investment decision .

尽管法律结构基本相同，但是私募股权基金依据投资风格和投资目标的不同可以分为许多不同的类型。

Although the legal structure might be the same more or less , there are many classifications within the equity fund due to the difference of investment style and the investment target .

正是从外在因素向内在因素的发展，使得近期的研究又转向探讨基金的投资风格、管理及申购费用、规模、存续时间、基金管理公司的结构与基金绩效的关系等。

So the recent research is focusing on the investment style of funds , scale , duration and the relationship of structure of fund company with the performance of the funds and so on .

基金的投资风格在我国还有很多问题等待研究，比如如何对基金风格的划分形成一个统一的标准、如何确定更为科学的比较基准等。

There were a lot of problems waiting for our research on funds ' investment style in our country , such as how to establish a more scientific comparison basis , how to form a unified division standard and so on .

外界的疑虑之一是该基金过去的投资风格过于激进。

One suspicion was that the fund was managed too aggressively .

一方面，判定基金的实际投资风格，以便于投资者结合自身风险收益偏好和资产配置需要进行基金品种选择；

The first aspect of evaluation is to judge the fund 's factual investment style , so that investors can choose the right one by combining their risk-return preference and their asset allocation with the fund 's style .

但在实际操作中，基金经理经常改变投资风格，严重损害了投资者利益，因此基金投资风格在基金经理的实际操作中，能否与基金契约所描述的保持一致，有着重要的现实意义。

However funds ' managers often changed their investment styles in practice , which seriously damaged the interest of investors , whether the funds ' managers could accord the practice styles to the contract described or not was becoming an important research topic .

为了吸引不同的投资群体，基金公司设立了多种投资风格的基金，因而理解基金的投资风格，对认识基金的投资策略，比较基金的投资收益具有十分重要的意义。

Fund investment style differences reflect that , different funds are founded to attract specific groups of investors , thereby understanding the funds ' investment styles and realizing the funds ' investment risks has great practical significance .

近几年我国开放式股票型基金飞速发展，对于基金投资风格的评估是基金评级中重要的一个环节。

Recently , the development of open-stock fund is very fast . Investment style assessment is an important aspect of the fund rating .

统计分析不能发现基金折价与基金持有人结构、投资风格、大市状态之间明显的关系。

But the relation between the fund possessor structure , the investment style , the market condition and the fund discount level can not be discovered only by simple statistics .