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A study of the stock selection preferences of “national team” funds

Daqing Zhou, Nan Li


This paper investigates the stock selection preference of “national team” funds. It introduces industrial policy variables and equity
nature variables on top of the traditional characteristics of institutional investors’ stock selection preferences. The findings indicate that “national team” funds prefer to hold stocks with high liquidity, low risk, and low transparency of listed companies, value stocks, stocks in industries supported by the national industrial policy, and stocks with state-owned enterprises as the nature of equity.


“National Team” Funds; Stock Selection Preference

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DOI: http://dx.doi.org/10.18686/fm.v9i2.12486