通过探讨持股集中度差异对基金绩效的影响,将熊市中基金平均持股集中度划分五类,从整体与局部的角度进行分析,结论表明在熊市中持股集中度越高、越低不能为基金创造收益,并且表现出一定的聚集现象;在熊市中基金经理对指数型基金采取相对较低的持股集中度,也不能为基金创造收益。 By discussing the impact of the difference of shareholding concentration on the fund’s performance, the average shareholding concentration of the bear in the bear market is divided into five categories, and the overall and local perspectives are used to analyze. The conclusion is that the higher the stock ownership concentration in the bear market, the lower it can not Create returns for the fund, and show a certain degree of aggregation; in a bear market, fund managers take a relatively low degree of ownership concentration of index funds, nor can they generate returns for the fund.