This study examines the factors influencing the performance of 532 equity funds from 2018 to 2021 using a structural equation model.The study investigates the impact of fund holdings changes,asset allocation,in-dustry allocation,and external characteristics on fund performance.The results indicate that fund holdings changes reflect the fund manager's ability to manage and grasp market changes,which is beneficial for improving fund per-formance.An increase in fund holdings indicates that institutional investors have a positive outlook on the future market,leading to an increase in stock prices and improving fund performance.Regarding industry selection,the deeper the fund's understanding of a specific industry and the higher the investment concentration,the better the fund performance.The study finds that external characteristics have no significant impact on fund performance.
万方数据
维普
