An Analysis of the Investment Concentration of Equity Mutual Funds in China

Hsin-Hung Chen and Long-Hui Chen

Emerging Markets Finance and Trade, 2017, vol. 53, issue 3, 511-520

Abstract: This study examines the relationship between the investment concentration and performance of equity mutual funds in China. The analysis of stock-picking abilities indicates that the industry concentration levels and the risk levels have significant positive effects on the stock picking abilities of Chinese mutual funds. The analysis of market-timing abilities reveals that the risk levels have significant positive effects on the market timing abilities of Chinese mutual funds. The test results of the performance persistence of Chinese mutual funds show that the positive performance persistence of concentrated equity is generally higher than that of diversified equity funds.

Date: 2017
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DOI: 10.1080/1540496X.2015.1093846

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