Abstract: All of the hedge fund data and manager information in this paper are collected from China Hedge Fund Cloud database (CHFDB), Suntime database and Wind database ranging from January 2015 to March 2018 and manually compiled. We find that diversity has more impact on income, while group drift has more effect on risks.In addition, a management team with larger size, with women, with high degree of diversified business backgrounds and with highly diversified academic qualifications has higher returns, while a team consisting of “veterans and novices” has lower returns. What’s more, a team with veteran and overseas experiences has stronger risk control ability. Finally, fund managers with mutual fund working experiences have poorer returns and lower risk control capabilities.

Key words: fund performance, fund managers, divisity of opinions, group shift , hedge fund