A Comparative Study of Stock Funds: Concentrated - versus Distributed - Investment Styles

• Main Authors: Ssu-Chieh Li, 李思潔
• Other Authors: Pi-Hsia Hong
• Format: Others
• Language: zh-TW
• Published: 2011
• Online Access: http://ndltd.ncl.edu.tw/handle/02787679813756171337

碩士 === 國立暨南國際大學 === 財務金融學系 === 99 === This paper uses holding stock quantity, the top ten investment ratio and industrial concentrated index as measuring the degree of concentration of equity funds. We examine the ability of identifying stocks and market timing for concentrated equity funds. We also investigate whether the characteristics of concentrated equity funds influence the funds’ performance and there exists performance persistence for equity funds. The empirical results show that the performance in the concentrated equity funds is better by using the measure of holding stock quantity. Under holding tock quantity and the top ten investment ratio as measuring standards, the fund managers who use the investment styles of concentrated equity funds have the stock-picking ability. The size of the concentrated equity funds positively affects the performance and exhibits the economies of scale. The turnover of the concentrated equity fund negatively affects the performance and shows that the higher turnover of the concentrated equity fund harms the fund performance. As a whole, the concentrated equity funds have more obvious positive and negative performance persistence than the distributed equity funds.