Allocation of decision right and efficiency of decision making has been important issues of organization behavior study.In this paper，by comparing investment strategy of sole managed funds with centralized decision right and team managed funds with the decentralized decision right，we provide evidence on consequence of allocation of decision right.This paper found that team managed funds have a significant positive stock selectivity performance，and the sole managed funds also show a significant market timing ability in the portfolio asset allocation between stocks and bonds.Team managed fund absent of significant market timing ability is caused by the high coordination cost.For team managed funds，its specialization benefits cant make up for the coordination costs.For sole managed funds，its market timing benefit can make up for the inadequacy of its specialization.Multi tasks management further affects the relationship between allocation of decision right and investment strategy selection.Managers of sole managed funds，which managing other funds with similar investment objection at the same time，show timing ability in most outstanding，while managers of team managed funds who engaged in multi tasks management，show an insignificant stock selectivity performance.