JP2009245368A - Method, system, and computer program for rating investment fund - Google Patents

Abstract

<P>PROBLEM TO BE SOLVED: To provide rating information profitable to an investor while maintaining accuracy of the rating and expanding a range of the rating target to the maximum. <P>SOLUTION: A rating system includes: a fund group information storing section 21 for storing a group composed of a plurality of funds having the same property; a performance data storing section 22 for storing monthly performance data including monthly rise and fall rate for an entire period after setting each fund; a monthly indicator calculating means 25 for calculating a monthly indicator showing the relative performance in the group of each fund on the basis of the monthly performance data; an entire period indicator calculating means 26 for calculating an entire period indicator for the entire period after setting each fund on the basis of the monthly indicator; a reference indicator calculating means 27 for calculating a reference indicator of each fund on the basis of a relative rating of the entire period indicator in the group; and a rating execution means 28 for rating each fund at a plurality of stages on the basis of the reference indicator. <P>COPYRIGHT: (C)2010,JPO&INPIT

Description

  The present invention relates to an investment fund rating method using a computer system including a storage device and an arithmetic processing unit, an investment fund rating system, and a computer program for causing a computer system to execute an investment fund rating.

  Traditionally, rating information (fund rating) has been provided in which rating companies have evaluated the investment grade of investment funds in multiple stages. This fund rating represents the level of performance of a fund relative to other funds within a group of funds with the same characteristics (synonymous with “category”, “classification”, and “universe”) It is an indicator. By referring to this fund rating, an investor can easily grasp the relative evaluation of each fund according to a common evaluation standard within a group having the same characteristics.

  Here, the “fund characteristics” are determined by “main investment target (investment assets such as stocks, bonds, real estate)” and “investment method” in the fund. The “fund characteristics” are completely different in risk, return, etc., for example, “stocks of the same company”, “stocks of Japanese companies”, “stocks of foreign companies”, and “stocks of companies in emerging countries”. Therefore, when these are classified in detail, the number of groups of funds with the same characteristics reaches tens to hundreds.

  This fund rating is generally determined by evaluating the performance of the target fund by plus / minus comparison with benchmark products set in advance by the management company (IR method). Benchmark products are selected from representative groups within the same characteristics, which has the advantage that the rating is objective and easy to understand for investors.

  Here, as of October 2007, there are about 2400 additional stock investment trusts offered by domestic applicants. Among them, about 500 funds managed based on indices other than performance (indexes, etc.) About 1,900, excluding, are subject to the rating in this specification.

  Regarding the rating of such financial products, the following Patent Documents 1 to 3 are helpful.

JP-A-10-275177 JP 2003-44678 A JP 2004-46454 A

  By the way, with the conventional rating method described above, there is a fundamental problem that a fund for which no benchmark is set (about 1000) cannot be rated.

  Also, funds (about 900) whose net assets are below a certain scale (about 1 billion yen), mainly in terms of cost effectiveness, are often excluded from the rating.

  Furthermore, the conventional fund rating is based on the latest performance of about 3 years in order to reduce the calculation load and to make the variation between funds with different management periods uniform. In other words, funds that are less than 3 years old (about 700) are excluded from the rating. In addition, since funds that have been managed over the medium to long term are rated based only on the performance of the last three years, there is a risk that rating blur will increase depending on the evaluation period, and the reliability of the rating may be impaired.

  As described above, in the conventional fund rating, evaluation targets are limited for various reasons, and it cannot be said that sufficient information is provided to investors. Also, when expanding the scope of the rating, it is necessary to maintain and improve the accuracy of the rating.

  The present invention has been made to solve the above-described problems, and provides a system, method, and program capable of providing rating information useful for investors by maximizing the scope of rating while maintaining the accuracy of evaluation. The purpose is to provide.

  According to a first main aspect of the present invention, there is provided a method for rating an investment fund by a computer system including a storage device and an arithmetic processing device, the storage device comprising: a program storage unit for storing a computer program; After setting for multiple funds that have passed more than a predetermined number of months from setting, group information storage for storing each group (classification) composed of multiple funds with the same characteristics, and multiple funds belonging to the same group An operation result data storage unit that stores monthly operation result data including the monthly rate of increase / decrease over the entire period, and this method is performed by the computer processing unit reading and executing a computer program from the program storage unit, Based on the monthly operation result data extracted from the operation result data storage unit, each fan Based on the monthly index value calculation process to calculate the monthly index value indicating the relative performance within the same group and the monthly index value of each fund, the lifetime index value for the entire period after the setting of each fund And a reference index value calculating step of calculating a reference index value of each fund based on a relative evaluation of the entire period index values of a plurality of funds belonging to the same group within the group. And a rating execution step of evaluating each fund in a plurality of stages based on the reference index value.

  Here, the operation result data storage unit is for registering the operation result data of the evaluation target group including a predetermined number of funds or more and the operation result data of the other non-evaluation group, In the monthly index value calculation step, it is preferable to extract the operation result data of the funds belonging to the evaluation target group from the operation result data storage unit.

  According to a preferred embodiment of the present invention, the storage device stores a composite evaluation criterion obtained by combining a general criterion and a criterion that takes into account the length of the operation period as a criterion for evaluating the monthly index value. And a step of adjusting the monthly index value so that a fund with a short management period is relatively conservative, applying the composite evaluation standard. Prepared.

  According to a preferred embodiment of the present invention, the monthly index value step calculates a monthly index value of each fund according to the following formula.

  As a result, by utilizing information from the fund setting, it is possible to properly express the fund's track record. Moreover, since the difference in the information amount of each fund can be reflected, an appropriate evaluation can be performed. Here, it can be determined that the fund index value is relatively excellent when it exceeds the reference point 50 and is inferior when it is below 50. On the other hand, the reliability of fund index values varies depending on the amount of information such as the performance of operations. For this reason, for funds with a short set-up period (small amount of information), it is preferable to set a standard that can be evaluated conservatively (as in theory, following previous examples, majority decision, etc.) for fund index values.

  Further, according to a preferred embodiment of the present invention, the all-period index value calculating step calculates the all-period index value in the entire period after setting of each fund by the following formula.

  As a result, relative performance differences can be calculated for a plurality of funds within the same classification at the same time. In addition, since the quality of information such as performance can be maintained among multiple funds, relative evaluation is possible even at different times.

  According to a preferred embodiment of the present invention, the reference index value calculating step calculates a reference index value of each fund by the following formula.

  This makes it possible to relatively evaluate and rate the funds using the fund index value.

  According to a second main aspect of the present invention, there is provided a system for rating investment funds, comprising a storage device for storing a computer program, and an arithmetic processing device for reading out and executing the computer program from the storage device. With regard to a plurality of funds that have passed a predetermined number of months since the setting, a fund group information storage unit that stores each group (classification) composed of a plurality of funds having the same characteristics, and a plurality of funds that belong to the same group Based on the operation result data storage unit that stores the monthly operation result data including the monthly rate of increase / decrease for all periods after the setting, and the monthly operation result data extracted from the operation result data storage unit, the same for each fund Monthly index value calculation means for calculating monthly index values indicating relative performance within the group The lifetime index value calculation means for calculating the lifetime index value for the entire period after the setting of each fund based on the monthly index value of each fund, and the lifetime index values of a plurality of funds belonging to the same group. Reference index value calculation means for calculating a reference index value of each fund based on relative evaluation within the group, and rating execution means for evaluating each fund in multiple stages based on the reference index value A system is provided.

  With such a configuration, it is possible to obtain a fund rating system that can suitably execute the method according to the first main aspect described above.

  According to a third main aspect of the present invention, there is provided a computer program stored in a storage device of a computer system for causing the computer system to execute an investment fund rating. For multiple funds that have passed more than a predetermined number of months, a group information storage unit that stores for each group (classification) composed of multiple funds with the same characteristics, and the entire period after setting for multiple funds that belong to the same group An operation result data storage unit that stores monthly operation result data including a monthly rate of decline in the management program, and the computer program is configured based on the monthly operation result data extracted from the operation result data storage unit. Monthly calculation of monthly index values indicating relative performance within the same group Based on the standard price calculation process, the total index value calculation process for calculating the total index value for the entire period after the setting of each fund based on the monthly index value of each fund, and for the multiple funds belonging to the same group A reference index value calculating step for calculating a reference index value of each fund based on relative evaluation of the index values for the entire period within the group, and a rating execution step for evaluating each fund in multiple stages based on the reference index value A computer program characterized by being executed by a computer system is provided.

  With this configuration, it is possible to obtain a fund rating system that allows a general-purpose computer system to function as the fund rating system according to the second main aspect described above.

  According to the present invention, since the rating is executed based on the operation results of the entire period since the fund setting, the rating does not vary depending on the evaluation time, and the reliability of the rating can be improved. In addition, by setting all funds that have passed a certain period of time (about 12 months) after the setting as targets for evaluation, it is possible to maximize the scope of rating. This “predetermined period after setting” is not set to reduce the calculation load or the like but to set a statistically necessary amount of operation data and maintain the accuracy of the rating.

  Hereinafter, embodiments of the present invention will be described with reference to the drawings.

  FIG. 1 is a network configuration diagram according to an embodiment of the present invention. The fund rating system denoted by reference numeral 1 in this figure is composed of a host computer provided in a rating business 3 that performs fund rating based on a request from a securities company 2 or the like. The system 1 can be connected to a trading market 4 such as stocks and bonds and data management systems 5 and 6 of the securities company 2 through a computer network in order to collect operational performance data for rating. The rating information calculated by the fund rating system 1 is provided directly to the investor 7 or indirectly through the securities company 2.

  The fund rating system 1 also has a function of classifying a large number of funds that are operated into a plurality of groups according to fund characteristics such as investment targets and investment methods, as a precondition for rating. The rating company 3 uniquely sets the grouping standard and the number of groups so that the rating accuracy can be maintained and useful information can be provided to the investors 7. In addition, the rating provider 3 determines which group (investment fund) is to be rated, but in this embodiment, as in the case of the conventional rating, the total asset amount is not narrowed down. All funds are subject to rating. On the other hand, a certain amount of operational data is required statistically in order to present highly reliable information to the investor 7 while maintaining the accuracy of the rating. For this reason, in the present embodiment, a fund in which operational data for 12 months is accumulated is targeted.

  Moreover, since the rating is a relative evaluation within a group to which a plurality of funds having the same characteristics belong, there is a possibility that an evaluation cannot be performed appropriately unless the group includes a certain number of funds. Therefore, in the present embodiment, only a group including at least 10 funds is targeted for rating.

  As a result, out of about 1900 investment funds that can be rated, about 1450 (about 76%) are targeted for rating in this embodiment. As will be described later, this is a significantly higher rate than the conventional rating target ratio (about 42% for the IR method and 53% for the company A method).

In order to exhibit such a function, the system 1 of the present embodiment has a configuration as shown in FIG.
Specifically, the system 1 includes a CPU 11 built in a host computer provided in the rating operator 3, an external storage device 14 such as a RAM 13, a ROM and an HDD, and an input / output interface (I / O) via a system bus 12. F) 15 is connected. The input / output I / F 15 includes an input device 16 such as a keyboard and a mouse, an output device 17 such as a display, a communication device 18 such as a NIC, and a drive 20 for a removable recording medium 19 such as a CD-ROM or DVD-ROM. It is connected. The external storage device 14 includes a data storage unit 14a and a program storage unit 14b. Each is a certain storage area secured in the storage device.

  In such a hardware configuration, the operator operates the input device 16 to input various commands (commands), and receives various commands from a client terminal or the like via the communication I / F or the communication device 18. Thus, the software program installed in the storage device 14 is called up and executed on the RAM 13 by the CPU 11, thereby performing the functions of the present invention in cooperation with the OS (operation system). The above program can also be introduced from the removable recording medium 20.

  The data storage unit 14a stores data collected and recorded in advance, and is obtained from the results calculated by software, which will be described later, from the external systems 5, 6 and clients (terminals) via the communication device 18 and the like. Information is described and updated as needed. Specifically, as shown in FIG. 2B, the data storage unit 14a includes a group information storage unit 21, a fund information storage unit 22, an operation performance data storage unit 23, and an evaluation criterion table 24. I have.

  As shown in FIG. 3, the group information storage unit 21 stores, for each group (classification) composed of a plurality of funds having the same characteristics, for a plurality of funds that have passed a predetermined number of months (December) from the setting. To do. In the present embodiment, there are about 40 groups according to the criteria such as the target of investment (stock, bond or compound, domestic or global) and the presence or absence of hedging. Of the approximately 1,700 funds belonging to these groups (based on October 2007), approximately 1450 funds, excluding funds that are less than December after the establishment of statistically appropriate evaluation, are rated according to this embodiment. It becomes a target. In addition, the group (41, 42) with less than 10 funds is not included in the rating because it is highly likely that the relative evaluation within the group cannot be performed properly.

  As shown in FIG. 4, the fund information storage unit 22 includes, for all established funds, the fund code and name, establishment date, operating organization, setting period, rating target flag, rating result, and group to which the fund belongs. Stores information such as codes. Here, the rating target flag is registered as “1” when 12 months or more have passed since the establishment and the group to which the membership belongs includes 10 or more funds.

  As shown in FIG. 5, the operation result data storage unit 23 stores monthly operation result data including a monthly rate of increase / decrease in all periods after establishment for a plurality of funds belonging to the same group. Here, in the present embodiment, the operation result data (1 to 40 in FIG. 3) of the evaluation target group including a predetermined number (10) or more of the funds and the other non-evaluation groups (41, 42). ) And register it separately from the operation result data.

  The evaluation criterion table 24 stores a combined evaluation criterion obtained by combining a general criterion and a criterion that takes into account the length of the operation period as a criterion for evaluating a monthly index value to be described later. Here, the “criteria taking into account the length of the operation period” is a statistical concept that evaluates the calculated monthly index value as a normal value. A fund with a short investment period has a small amount of data and is prone to blurring in evaluation. Therefore, in the present embodiment, in order to maintain the accuracy of the rating, adjustment is made by applying a composite evaluation standard obtained by combining a general standard and a standard that takes into account the length of the operation period. This adjustment process will be described later.

  In addition to the main program, the software program calculates a monthly index value indicating the relative performance of each fund within the same group mainly based on the monthly management result data extracted from the management result data storage unit 22. The monthly index value calculating means 25 for performing the calculation, the entire period index value calculating means 26 for calculating the entire period index value for the entire period after the setting of each fund based on the monthly index value of each fund, and the same group. Reference index value calculation means 27 for calculating the reference index value of each fund based on the relative evaluation of the entire period index values of a plurality of funds belonging to the group, and evaluation of each fund in multiple stages based on the reference index value Rating execution means 28 and access the data management systems 5 and 6 etc. at a predetermined cycle such as every month to collect operation result data etc. And a data updating unit 29 to be stored in the operation record data storage unit 23 and. Each means is an independent computer program, its subprogram, module, and the like.

  The monthly index value calculation means 25 extracts the investment performance data of funds belonging to the evaluation target group having 10 or more funds from the investment performance data storage unit 22, and sequentially calculates the monthly index for all funds in this group. Calculate the value. Specifically, the monthly index value of each fund is calculated by applying the monthly management performance data of each fund to the following formula.

  “K” in this formula indicates an arbitrary month (period) among the elapsed months (1 to n) from the base month for all funds. For example, the range of “k” when 3 years have elapsed is 1 to 36, and the range of “k” when 10 years have elapsed is 1 to 120.

As is clear from this equation, first, the monthly increase / decrease rate (r _ik -11 to _rik ) of a certain fund i for 12 months from the k-11 period to the k period is calculated as the operation result data storage unit 22. To calculate the volatility (σ _ik : rate of change) of this fund i in that period. Then, the risk return ratio (s _ik ) of the fund (i) is calculated by dividing the monthly increase / decrease rate (r _ik ) of the fund i in the k-th period by the volatility (σ _ik ). Similarly, the risk return ratio (s _ik ) of all funds is calculated to obtain the sum. Then, the number of funds N _{k of the} group to which this fund belongs at the end of the k-th period is acquired from the group information storage unit 21, and each fund is based on the sum of the number of funds N _k and the risk return ratio (s _ik ). The monthly index value (a _ik ) within the same classification (group) of the fund is calculated. This monthly index value (a _ik ) may be an abnormal value because it is an evaluation value at a temporary point. In order to eliminate this possibility and to set the monthly index value (a _ik ) within a statistically significant range, it is preferable to adjust the upper limit to 80 and the lower limit to 20. FIG. 5 shows an example of monthly index values of each fund in a group to which 11 funds belong.

The all-period index value calculation means 26 calculates the monthly index value (a _il ) (l = 1 to N _ij , “N _ij ” from the end of the setting period of a certain fund i to the end of the period (j) at the time of rating execution. Is applied to the following formula to calculate the index value (d _ij ) for the entire period of each fund.

In this equation, “N _ij ” indicates the number of months that have elapsed for the fund i from the end of the setting of a certain fund i to the end of the period (j) when the rating is executed. In this embodiment, since the criterion of “12 months or more” is set as a period sufficient for statistically stable evaluation to maintain the accuracy of the rating, the value of “N _ij ” is 12 That's it. The lifetime index value (d _ij ) obtained by this formula is basically judged to be relatively superior within the group when it exceeds the reference point 50 and inferior when it is below 50. For example, in the above example of FIG. 5, assuming that the monthly index value (a _ik ) of 11 funds is the total period index value (d _ij ), funds with i = 2, 4, 5, 9-11 Is relatively superior, and other funds can be judged to be relatively inferior.

Here, the all-period index value calculation means 26 synthesizes a general standard and a standard that takes into account the length of the operational period from the evaluation standard table 24 according to the length of the operational period (N _ij ). It also has a function of adjusting the whole-period index value (d _ij ) by extracting the evaluation criteria. Specifically, the monthly index value _(a il) relative to _(l = l~N _ij) is a general evaluation criterion obtained by dividing the _{N ij} aggregates the _{c ij,} the operation period If c _ij is 50 or more, using the composite evaluation standard (Formula 10) that combines the length-considered standard (Formula 9), the reference point 50 is the lower limit and the length of the operation period (N _ij ) If c _ij is 50 or less, adjustment is made according to the length of the operation period (N _ij ) with the reference point 50 as the upper limit.

In this process, depending on whether c _ij is higher or lower than 50, the sign of “reference considering the length of the operation period” for c _ij changes. Thus, a relatively short operation period is evaluated more conservatively than a long one. Assuming that 50 is a neutral level, if the performance is of the same level, those with a short operation period tend to approach this neutral level compared to those with a long operation period.

The reference index value calculation means 27 applies the index value (d _ik ) in the k-th period of the all-period index value (d _ij ), the number of funds (N _k ) at the end of the k-th period, and the like to the following formula. The reference index value (e _ik ) of each fund is calculated.

Based on the reference index value (e _ik ) obtained by this equation, the rating of each fund is determined according to, for example, the table of FIG. The range of the rating reference value for each rating, the ratio of each rating, and the like can be changed as appropriate. Such a rating is executed every month and is stored in the fund information storage unit 22 for each fund as shown in FIG.

(Verification of fund rating accuracy)
Next, referring to FIG. 7 and FIG. 8, the accuracy of the fund rating by the system and method of this embodiment is verified by comparing with the results of other conventional rating methods.

(1) Preconditions / Comparison: Rating in IR method and Company A method However, since details such as classification are unknown, both were compared with estimated values.
・ Target category:
Domestic stocks: [Market type] [Large growth] [Large value]
Global equities: [including Japan (no hedging)]
Global bonds: [including Japan (no hedging)]
・ Period: Since the setting date of each fund to the end of June of each base year ・ Rating: July 2007

(2) Verification Result First, FIG. 7 shows a comparison result with the IR method. This table shows the ratio of the number of funds that matched the number of funds that made a difference between the ex-post rating in July 2007 by the IR method and the prior rating one year ago and three years ago. FIG. 7A shows a preliminary rating based on June 2006, which is one year ago, and FIG. 7B shows a preliminary rating based on June 2004, which is three years ago. In these tables, the percentage (%) in the shaded area shows the percentage of funds whose difference from the prior rating was within ± 1 point, while the value (%) in the upper right of the page is 2 points above the prior rating. The percentage of funds that have risen above indicates the percentage of funds whose value (%) in the lower left of the page has fallen below the prior rating.

  As is clear from these tables, the prior rating according to the present system is equal to or higher than the prior rating according to the IR method in all categories. As described above, since the IR method can only be rated for funds for which benchmarks are set, there is a problem that the target of rating is extremely limited, but it is said that the accuracy of rating is generally high. In this system, funds for which benchmarks have not been set can be included in the rating, and evaluation accuracy equivalent to or better than the IR method has been achieved.

  Next, FIG. 8 shows a comparison result with the company A method. 8A shows the coincidence rate, average value, and standard deviation between the posterior rating in the base year based on the IR method and the prior rating one year ago. FIG. 8B shows the posterior rating in the base year and 3 years. The coincidence rate with the previous prior rating, the average value, and the standard deviation are shown.

  As is clear from these figures, the rating according to the present system is superior to the company A method in average value, and the standard deviation is also small. Since the average value of the coincidence rate is superior, it can be understood that the rating of this system is higher than that of the company A method. Moreover, since the standard deviation is small, the rating of this system is more stable than the Company A system, and it can be said that the overall match rate is high and the reliability is high.

  In addition, this invention is not limited to said embodiment, A various deformation | transformation is possible in the range which does not change the summary of invention.

  For example, rating information may be calculated and provided as a reference index for a fund for several months after setting. Further, in order to maintain and improve the accuracy of the rating, the rating target group may be selected based on other criteria such as fund characteristics instead of or in addition to the number of funds.

FIG. 1 is a network configuration diagram of an embodiment of the present invention. FIG. 2 is a functional block diagram showing a schematic configuration of the fund rating system. FIG. 3 is a diagram schematically showing the data configuration of the group information storage unit. FIG. 4 is a diagram schematically showing the data configuration of the fund information storage unit. FIG. 5 is a diagram illustrating an example of monthly data of a plurality of funds in a certain group. FIG. 6 is a diagram illustrating the relationship between the reference value and the rating. FIG. 7 is a table showing a comparison result with the IR method. FIG. 8 is a table showing a comparison result with the company A method.

Explanation of symbols

DESCRIPTION OF SYMBOLS 1 ... Fund rating system 2 ... Securities company 3 ... After establishment 3 ... Rating business 4 ... Trading market 5 ... Data management system 6 ... Data management system 7 ... Investor 11 ... CPU
12 ... System bus 13 ... RAM
DESCRIPTION OF SYMBOLS 14 ... External storage device 14a ... Data storage part 14b ... Program storage part 15 ... Input / output interface (I / F)
DESCRIPTION OF SYMBOLS 16 ... Input device 17 ... Output device 18 ... Communication device 19 ... Removable recording medium 20 ... Drive 21 ... Fund group information storage part 22 ... Fan information storage part 23 ... Operation performance data storage part 24 ... Evaluation criteria table 25 ... Monthly index Value calculating means 26... All-period index value calculating means 27... Reference index value calculating means 28.

Claims (8)

A method for rating an investment fund by a computer system comprising a storage device and an arithmetic processing unit,
The storage device stores a program information storing unit for storing a computer program, and a group information storing for each group (classification) composed of a plurality of funds having the same characteristics with respect to a plurality of funds that have passed a predetermined number of months after setting A plurality of funds belonging to the same group, and an operation result data storage unit for storing monthly operation result data including a monthly increase / decrease rate for all periods after establishment,
In this method, the arithmetic processing unit reads and executes a computer program from a program storage unit,
A monthly index value calculating step for calculating a monthly index value indicating a relative performance within the same group of each fund based on the monthly operation result data extracted from the operation result data storage unit;
A lifetime index value calculation step for calculating lifetime index values for the lifetime of each fund based on monthly index values for each fund,
A reference index value calculating step of calculating a reference index value of each fund based on a relative evaluation of the lifetime index values of a plurality of funds belonging to the same group within the group;
A rating execution step of evaluating each fund in multiple stages based on reference index values. The method of claim 1, wherein
The operation result data storage unit is for registering the operation result data of the evaluation target group including a predetermined number of funds or more and the operation result data of the other non-evaluation group,
The monthly index value calculating step extracts the investment performance data of funds belonging to the evaluation target group from the investment performance data storage unit. The method of claim 1, wherein
The storage device further includes, as a criterion for evaluating the monthly index value, an evaluation criterion table that stores a combined evaluation criterion obtained by combining a general criterion and a criterion that takes into account the length of the operation period,
The all-period index value calculation step includes the step of applying the composite evaluation standard and adjusting a monthly index value so that a fund having a short operation period is relatively conservative. . The method of claim 1, wherein
The monthly index value step calculates a monthly index value of each fund according to the following formula.

The method of claim 1, wherein
The whole period index value calculating step calculates the all period index value in the whole period after setting of each fund by the following formula.

The method of claim 1, wherein
The reference index value calculating step calculates the reference index value of each fund by the following formula.

A system comprising a storage device for storing a computer program, and an arithmetic processing device for reading out and executing the computer program from the storage device, and rating investment funds,
For a plurality of funds that have passed a predetermined number of months since the setting, a fund group information storage unit that stores each group (classification) composed of a plurality of funds having the same characteristics;
For a plurality of funds belonging to the same group, an operation result data storage unit that stores monthly operation result data including the monthly rate of increase / decrease for the entire period after setting,
Monthly index value calculating means for calculating a monthly index value indicating a relative performance within the same group of each fund based on the monthly management result data extracted from the management result data storage unit;
A lifetime index value calculation means for calculating lifetime index values for the lifetime of each fund based on the monthly index value of each fund,
A reference index value calculating means for calculating a reference index value of each fund based on a relative evaluation within the group of lifetime index values of a plurality of funds belonging to the same group;
A rating execution means for evaluating each fund in multiple stages based on a reference index value. A computer program stored in a storage device of a computer system for causing the computer system to execute an investment fund rating,
The storage device stores, for a plurality of funds that have passed a predetermined number of months or more, a group information storage unit that stores each group (classification) composed of a plurality of funds having the same characteristics, and a plurality of funds belonging to the same group And an operation result data storage unit for storing monthly operation result data including the monthly rate of increase / decrease for all periods after setting,
The computer program is
A monthly index value calculating step for calculating a monthly index value indicating a relative performance within the same group of each fund based on the monthly operation result data extracted from the operation result data storage unit;
A lifetime index value calculation step for calculating lifetime index values for the lifetime of each fund based on monthly index values for each fund,
A reference index value calculating step of calculating a reference index value of each fund based on a relative evaluation of the lifetime index values of a plurality of funds belonging to the same group within the group;
A computer program causing a computer system to execute a rating execution step of evaluating each fund in a plurality of stages based on a reference index value.

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