Abstract: Neutral indexes with no preferences are difficult to be appraised by traditional data envelopment analysis. Based on the principle of directional distance function, a fund performance evaluation model of data envelopment analysis with neutral indexes like stock positions and portfolio concentration is proposed. This paper randomly selects 30 hybrid funds from the fund market in China and gets the DEA efficiency score of each fund in 2007-2016 through the empirical analysis considering the impact of downside standard deviation, beta, fund expend rates, annual net income, Jansen index and skewness on the performance evaluation of the fund. Finally, a feasible way is provided to improve the efficiency of funds in China from the perspective of fund stock positions and related trading strategies.