Fund Holdings And Fund Performance

Our country Stock market develops already more that ten years,it has made the tremendous contribution to the national economic construction.In our country Stock market,the benefit main body is mainly the institutional investor and individual investor.What the organization investment mainly refers to is the fund,the securities trader,three kind of enterprises,each kind the asset management company and so on Trust investment company.In these organizations,most noticeable body is each kind of public fund,because the fund has the strong specialization,the high transparency ,strong profit ability and other characteristics,so it obtains the support vigorously from the government and all walks of life,and to develop into the market mainstay in the short several years. At December 31, 2007, the open-equity fund net asset value reach to 2.220512 trillion yuan, compared to the same period of the year 2006,the data was 1.712649 trillion yuan, the increased range is 337.23%. If adds on the asset management scale of the close-ended funds, the stock fund's property net worth overall scale amounts to 2,456,778,000,000 Yuan, occupies the securities investment fund assets scale 77%. At the same time, because the fund unearthed the Baoshan Steel Corporation stock, the Yangzi petrochemical, the Shanghai automobile in year 2003, causes the stock which the fund had to win investor's favor and to pursue holds, becomes the hot spot and the mainstream of the the market, when invested the stock,more and more investors carried on the decision-making according to the fund holding. Then, in certain property disposition's proportion's situation, the fund investment in the stock that part of property's investment dispersion degree, also has what kind of influence to the fund achievement? At present, there are very few Literatures about on the behavior of the open style stock fund and the fund performance based on the herd effect. Therefore, from the perspective of fund holdings,Researching the Behaviour of the Fund holdings and it effection on its performance will have a certain practical significance. This article has reviewed the related empirical literatures of the Fund's holdings, on the basis of that proposed the following four assumptions: Assumptions1: The fund flock of sheep effect index and the fund holding are being related, namely the fund flock of sheep effect index and the Fund stake,the Fund holdings concentration,the Fund industry concentration have the positive correlation.Assumptions2: The relationship beteen the Fund flock of sheep effect index and Shanghai Composite Index increase scope have the inverse correlation.Assumptions3:The relationship beteen the fund performance and the Fund stake,the Fund holdings concentration,the Fund industry concentration is positiveAssumptions4: The fund performance and the fund flock of sheep effect index have the inverse correlation.This article's the study object is the Open-end equity funds, selected the datas in the fourth quarter of 2001 to the Second Quarter of 2007, using the Spss11.0 software to carried on the statistical analysis, and using the positive test to diagnosis the above four suppositions.The Test results has supported this supposition 2, suppositions 4,has partly supported the supposition1,supposition3.Namely,the Open-end equity funds fund exists certain Flock of sheep effect, the flock of sheep effect index and the fund stake,the fund holdings concentration assume the significance correlational dependence, assumes the significance inverse correlation relations with the Shanghai Composite Index quarter date increase scope;The Open-end equity funds porformance and the fund stake,the fund holdings concentration assumes the significance correlational dependence, the Open-end equity funds performance and the fund flock of sheep effect index assume negative correlational dependence.In the end of the article,it had pointed out the innovation and insufficiency.