我国封闭式基金的管理能力评价

2007年以后,封闭式基金投资再次引起我国资本市场的高度关注。选取在市的19只传统型封闭式基金,从收益率、绩效、证券选择能力和市场时机选择能力等方面进行评价,表明:近年来,传统封闭式基金的绝对收益率均不高于市场的盈利能力;经过风险调整的收益率高于市场水平,源于其投资风格的保守性;绝大多数基金未表现出显著的证券选择能力和市场时机选择能力,且其选择能力在各年没有显著差异。

An Evaluation on Close-end Funds Management Ability in Mainland China

After 2007,close-end funds received great attention from the capital market in mainland China again.This paper selects nineteen traditional closed-end funds in mainland China and evaluates them from the perspectives of rate of return,performance,securities’ selecting ability,and the ability of seizing the right opportunities.Research shows that the absolute rate of return of traditional close-end funds here can never overwhelm the profitable ability of the market;the rate of return which is higher than that of the market is due to its conservative style of investment;the majority of funds have so far not demonstrated clear-cut ability to select proper securities or bonds at the right time and their abilities have showed little difference every year so far.