From 2006 to 2020,China's mutual funds"held together"four times,each of which witnessed a process of deepening and rapid disintegration.In this paper,we take China's open-ended active equity funds as a sample and use the funds'shareholding matrix and industry matrix to construct a fund overlap index to study their"holding together"and its impact on them.The results show that:first of all,China's funds have obviously similar stock portfolio and industry portfolio,funds show obvious characteristics of"holding to-gether"and"holding together"can significantly improve the performance of funds;second,"holding together"help funds with weaker investment abilities and more conservative investment styles to achieve higher returns,but it is not conducive to funds with stronger in-vestment abilities.Further research finds that"holding together"increases fund crash risk,which is not conducive to the stability of the securities market.The research of this paper is of great significance to the investment strategy selection of fund managers and the preven-tion of fund market risks.
NETL
NSTL
万方数据
