| A securities investment fund is a collective securities investment scheme thatshares benefits and risks. Chinese securities investment funds have a history of justmore than ten years, and they have already become one of the most importantinvestment tools for investors and had a great impact on the Chinese capital market.Up to November 28th, 2010, there were 761 funds and their asset value reached RMB2.65 trillion. Through research on the stocks characteristics of Chinese securitiesinvestment fund holdings, this thesis shows the relationship between fund holdingsand the financial, stocks and corporate governance features of stocks and uncovers theregularity of fund holdings that provides a good understanding of fund investment.There are three main innovations in this thesis. First, the thesis presents a newmethod to describe the industry distribution of stocks heavily held by Chinesesecurities investment funds. Second, the thesis discusses the characteristics of topstocks holdings by fund type and fund size. Third, the thesis uses the latest and themost comprehensive data.This thesis focuses only on the top holdings of stocks by equity and hybrid funds.Data are from the first quarter of 2006 to the fourth quarter of 2010. Throughconducting an empirical research on the stocks characteristics of Chinese securitiesinvestment fund holdings, fund preferences for the particular financial, stocks andcorporate governance features are documented.In general, the fund managers prefer stocks with high return on equity, lowcurrent ratio, high asset turnover, low PE, high PB, high price, high past return, highvolatility, small systematic risk, large capitalization, small liquidity, long age, big statestakes and a corporate governance structure with the same person as CEO andChairman and few independent directors. For different type and different size of funds,they have the similar attitude to the overall, but each type and each size of funds alsohas its own preference. |
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