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This paper finds that a mutual fund with shorter information transmission path to other entities in the fund network (i.e., having higher closeness centrality) or with stronger ties with those entities in important information positions (i.e., having higher eigenvector centrality) will achieve better investment performance. However, a stronger mediating role over the potential information flow of the fund network (i.e., having higher betweenness centrality) cannot help a mutual fund increase performance. The empirical results also indicate that a mutual fund holding stock portfolios with high valuation difficulties caused by the market or fundamental information uncertainty will achieve better investment performance, while holding hard-to-value portfolios caused by limited public information will reduce the performance of the fund. Furthermore, high closeness centrality or eigenvector centrality can help mutual funds deal with the disclose problems of public information, thus reducing the likelihood of a mutual fund holding hard-to-value portfolios caused by limited public information to achieve worse performance. Eigenvector centrality brings information advantages about company fundamentals, so it is easier for a mutual fund with high eigenvector centrality to profit from holding hard-to-value portfolios caused by the fundamental information uncertainty. The conclusions of this paper can enhance our understanding of the fund network and its information mechanism and shed new light on mutual fund\u2019s information advantages and related asset allocation strategies.<\/jats:p>","DOI":"10.1155\/2020\/6641592","type":"journal-article","created":{"date-parts":[[2020,12,18]],"date-time":"2020-12-18T02:09:23Z","timestamp":1608257363000},"page":"1-17","source":"Crossref","is-referenced-by-count":2,"title":["Fund Network Centrality, Hard-to-Value Portfolio, and Investment Performance"],"prefix":"10.1155","volume":"2020","author":[{"ORCID":"https:\/\/orcid.org\/0000-0003-3071-4680","authenticated-orcid":true,"given":"Xiao","family":"Hu","sequence":"first","affiliation":[{"name":"School of Finance, Southwestern University of Finance and Economics, Chengdu 611130, China"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-0117-8965","authenticated-orcid":true,"given":"Yimeng","family":"Cang","sequence":"additional","affiliation":[{"name":"School of Finance, Southwestern University of Finance and Economics, Chengdu 611130, China"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"ORCID":"https:\/\/orcid.org\/0000-0003-0222-2486","authenticated-orcid":true,"given":"Long","family":"Ren","sequence":"additional","affiliation":[{"name":"School of Information Technology and Management, University of International Business and Economics, Beijing 100029, China"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-4920-4755","authenticated-orcid":true,"given":"Jun","family":"Liu","sequence":"additional","affiliation":[{"name":"International Business School, Beijing Foreign Studies University, Beijing 100089, China"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"311","reference":[{"key":"1","doi-asserted-by":"publisher","DOI":"10.1111\/0022-1082.00263"},{"key":"2","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2003.05.001"},{"key":"3","doi-asserted-by":"publisher","DOI":"10.1017\/s0022109010000426"},{"key":"4","doi-asserted-by":"publisher","DOI":"10.1111\/jofi.12084"},{"key":"5","doi-asserted-by":"publisher","DOI":"10.1086\/228311"},{"key":"6","doi-asserted-by":"publisher","DOI":"10.2507\/ijsimm16(1)co4"},{"key":"7","doi-asserted-by":"publisher","DOI":"10.2507\/ijsimm16(3)3.382"},{"key":"8","doi-asserted-by":"publisher","DOI":"10.24818\/18423264\/53.3.19.17"},{"key":"9","doi-asserted-by":"crossref","DOI":"10.4159\/9780674029095","volume-title":"Structural Holes: The Social Structure of Competition","author":"R. 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