| Open-ended fund has become the main operation mode and development direction of fund market in terms of both the quantity and the scale of assets.The returns of investors are closely related to the investment strategies of fund managers.The degree of shareholding concentration is an important index reflecting the investment strategy of fund managers.Fund managers have the incentive to centralize their shareholding,either for their own interests or for the best interests of investors.Existing work mainly focuses on the relationship between the absolute performance of the fund and the degree of shareholding concentration.The absolute performance of the fund reflects the interests of investors,but the self-interest of the fund managers primarily depends on the relative ranking of funds,and their investment behaviors are also affected by it.Therefore,the relationship between relative ranking of funds and shareholding concentration cannot be ignored.However,there is little discussion on this issue in the existing research work.Probing from the perspective of the relationship between relative ranking of funds and shareholding concentration,the thesis selected 204 partial-equity funds that persisted between 2008 and 2017 as experiment samples,and conducted empirical research using the multivariate regression model.The study is divided into two parts,where the first one is to discuss the relationship between the concentration of shares and the performance ranking within the same period,and the second one is to investigate the relationship between the funds' relative ranking in the last period and the adjustment of the shareholding concentration in the current period.Experiment results show that,there is a significant positive correlation between the degree of shareholding concentration and the relative ranking at the overall level.However,for different markets,only volatile market has such correlation,and neither the bull market nor the bear market does. |
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