从2000年基金年报信息追溯基金研究中心的三个问题

本文从三个方面对2000年基金年报信息进行了剖析。第一，从多角度对33只证券投资基金进行分类的结果表明，最能体现基金业绩与投资风格差异度的分类方法不是基金的投资目标而是基金管理公司。基金管理公司内部的资源共享是造成这一现象的原因。第二，指数型基金在2000年的表现尚不尽人意，投资理念亦不清晰。第三，保险公司选择基金的标准相当理性，注重基金的分红市价比、夏普指数、资产净值收益率几项指标，其选择的正确性亦得到2000年基金业绩的证实。

Trace the Three Issues in Fund Research form the Information Disclosed by 2000 Fund Annual Report

First,a classification from different aspects shows that it is reather the managment company of a fund,than the objective of a fund,that accounts for the difference of fund performance and investment style.Second,the average performance of index funds was disappointing;their style was not distinctive.Third,as a sign of the selection criteria,the percentage of insurance company's ownership of funds implies the rationality of its selection.The fund's ratio of divedend to market price,its Sharpe index and the return of net asset value are three important indices that the insurance companies use.