Empirical study on the performance of T-M and H-M model-based China open-ended funds

As a result of the economic periods both before and after the 2008 global financial crisis, the fund displays a need for further independent and objective comprehensive analysis/empirical study. Based on these domestic and foreign research study results, statistical sampling, index analysis, and H-M/T-M model-based regression equations are utilized to make an empirical analysis on the performance of 15 partial (slant) stock open-ended funds established within the January 2003 to August 2010 economic cycle. The analysis reveals: 1) study results obtained without consideration to the weight of the risk profit index have a high correlation with the study results obtained using the three risk-adjustment method, 2) in conjunction with 1) above, the return rate of the China securities investment fund will outperform that of the market benchmark. Thus, the following conclusion is drawn: the Chinese fund managers are not on par security-selecting and market-handling ability.