The hotspot temperature of disc windings has a close relation with the transformer age. In oil immersed transformers, oil guides are applied generally to enhance the cooling effects for disc windings. In some cases disc windings without oil guides are used. However, the lack of oil guides is expected to result in a more complicated thermal behavior of the windings, making it more difficult to predict the location and strength of the hotspot temperature (i.e. the hottest temperature in the winding). To get an improved understanding of the thermal behavior, a CFD study has been performed.  This article describes the implementation of CFD simulation for 2D axisymmetry models without oil guides, and then analyzes the results of a series of parametric studies to see the sensitive factors influencing the cooling effects. These parameters include radial disc width, inlet mass flow rate, horizontal duct height, vertical duct width and the inlet/outlet configurations. Three main characteristics, the hotspot temperature, the location of the hotspot and the number of oil flow patterns are detected to describe the thermal performance.