Will positive securities investment fund be able to overcome the market?

Whether positive securities investment fund can overcome the market is the focus of debate. This paper the first step is to propose a series of research hypothesis about the validity of positive investment, which bases on the market conditions as the external control variable and analysis the characteristics of securities market in China. Then, according to relevant data in security market, we have the following conclusions: In the decline phase of the market, positive securities investment fund can overcome the market; but in the rising phase of the market, taking into account the information acquisition cost and transaction costs, positive securities investment fund is difficult to overcome the market.