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Do Focused Funds Offer Superior Performance in an Emerging Market? Evidence from Taiwan's Stock Market

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  • Jonchi Shyu
  • Jia-Chi Lin
  • Chi-Chong Chang

Abstract

We examine the effects of the number of stock holdings and industry concentration on Taiwan's equity fund performance. The quadratic regression model is applied to explore the optimal number of stock holdings for mutual funds. The empirical results suggest that funds with a smaller number of stock holdings and with a higher level of industry concentration achieve better performance. We also find that mutual fund performance and the number of stock holdings have an inverted U-shaped relationship, and funds that hold twenty-four to twenty-eight stocks can generate superior performance.

Suggested Citation

  • Jonchi Shyu & Jia-Chi Lin & Chi-Chong Chang, 2014. "Do Focused Funds Offer Superior Performance in an Emerging Market? Evidence from Taiwan's Stock Market," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 50(S2), pages 202-218.
    • Handle: RePEc:mes:emfitr:v:50:y:2014:i:s2:p:202-218
    DOI: 10.2753/REE1540-496X5002S214
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    Cited by:

    1. Lin, Jia-Hui & Yen, Meng-Feng & Hsieh, Wei-Cheng, 2023. "Do manager characteristics matter in equity mutual fund performance? New evidence based on the double-adjusted alpha," Pacific-Basin Finance Journal, Elsevier, vol. 77(C).

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