A few days ago, galactic negotiable securities releases fund to study a report, open type through be opposite 84 when hold water before July 1, 2005 active model the research that stock direction fund invests behavior inside 3 years here, the change that will understand thoroughly fund to invest behavior reachs his the influence to outstanding achievement. This report discovers, 3 large action are huge to the influence of investment outstanding achievement of fund.

Trend investment evidence is clear

Although most fund includes “ value investor ” oneself all the time, but the expression 2008 makes its obtained “ to come loose greatly however the renown date of a ” .

Fund of bank negotiable securities studies the report points out, in hold an appraise to be worth horizontal field, fund is when integral overmeasure and did not reduce asset appraise to be worth horizontal avoid risk, and the growing sex that also did not take promotion asset appraise to be worth a level to promote capital fund when whole is underestimated. The investment behavior that goes 3 years from 84 fund sees, when market whole overmeasure, fund hopes to cut pressure of the cost that dismiss estimate with tall growing sex, and market downturn often is in when whole is underestimated, right now fund adopts hold to underestimate value breed to resist risk.

Accordingly, from the point of angle of change of asset appraise value, fund is not a real value investor, instead more it is investor of a trend. This report thinks, stem from pressure of short-term outstanding achievement as a result of fund and make afore-mentioned compromise in the light of tendency of the market, but from will for a long time look, this kind of operation adjusts accrual in order to reduce the risk of fund assets to be cost, from will for a long time look, this kind of mode of operation raised the risk level of fund already, reduced its benefit capacity again.

Outstanding achievement of foundation of the low rate that change a hand takes actor

This research report trades 84 fund the hand to lead cent to be high school low 3 archives, inspect minutes 3 years for 6 period, a fund has 4 to reach above inside 6 check period hand rate is changed to be on in check period high-grade define lead fund to change a hand high, if 4 reach above hand rate is changed to be on in check period cheap define for fund of the low rate that change a hand, if inside 6 check period the rate that change a hand is on high-grade exceed 4 to reach above with cheap frequency and be on cheap or high-grade check period several not less than 2 are defined lead the fund with relatively intense drift to change a hand.

Study the result makes clear: Outstanding achievement of foundation of the low rate that change a hand is good at integral level, farther good lead the fund with fund and relatively intense drift of the rate that change a hand at changing a hand high, after that two kinds of fund are poor at integral level.
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