The disposition effect is an irrational behavior of investors, that is, investors tend to sell winners too early and hold losers too long. There are many researches on the disposition effect of stock market, but few researches about the fund market. Therefore, we sort out the relevant literature examining the existence of the disposition effect of securities investment fund in China. Then, we use data of 306 open-end funds in China from 2010 to 2018 to examine the existence of the disposition effect of securities investment fund in China by establishing VAR model. The empirical results show that: there is no disposition effect on securities investment fund in China.