Holding-based Valuation on Stock Selection Ability of Funds
基于持股数据的基金择股能力评价

Valuation of fund performance is always an important topic in both theory and practice.Traditional methods of valuation based on regression have high dependence on the benchmarks.However,the holding-based methods have more power to identify the stock selection ability of funds,because they use more information than regression methods.Using the holding-based method,we made an empirical analysis on the stock selection ability of 54 Chinese funds,our results show that they have significant stock selection ability.