Abstract
This paper gives an overview of the new Chinese securities investment funds and evaluates their performance using various performance indicators. We subsequently rank the performance of these funds by assigning different weights to each indicator. Using a dataset of weekly returns from 20 funds from October 1998 to November 2000, our empirical study suggests that the overall performance of Chinese investment funds is inconsistent with the Efficient Markets Hypothesis (EHM). Funds, in general, out-perform the market and exhibit good market timing ability. The degree of diversification is rather low and the performance of most funds is persistent within the observation periods.
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