市场热潮下对基金业绩的再考察

A Re-examination of Fund Performance under the Market Boom

基于基金的业绩评价模型T-M模型和H-M模型对2020年我国公募市场上的30只基金进行考察,可以发现,大部分基金经理的选股能力较强,但是择时能力不强。当市场整体环境波动或者向下时,基金的业绩往往不佳。投资者应该审慎选择基金,警惕基金热潮。

Based on T-M model and H-M model, this paper investigates 30 funds in China’s cemetery market in 2020. From the results of the models, we can see that most fund managers have good stock picking ability, but poor market timing ability. The performance of the fund tends to be poor when the overall market environment fluctuates or goes down. Investors should choose funs prudently and think over when they making investing choices.