关键词: 基金管理, 基金业绩, 个股预测, 市场预测

Abstract: Fund managers say they can outperform market and get more excess return. This point has empirically been supported by the existing literatures in China. Using measure of Jensen,this paper studied 54 close-end funds by using weekly data and monthly data with longer sample period,the conclusion suggests fund managers do worse than a random selection policy,and they have no ability to forecast the future about individual stock or market.

Key words: fund management, fund performance, ability of forecasting individual security, ability of forecasting market