Securities investment funds play an important role in promoting the stable development of China’s financial markets. The internal incentive of fund management has been gradually concerned by many academics. Based on the principal-agent theory, this paper analyzes the principal-agent relations existing in securities investment funds, constructs the principal-agent model of fund holding incentives. Under asymmetric information, this paper studies the effects of the holding fund incentives on the effort level of the fund manager, the level of risk selection, and the fund performance. This paper finds that fund holding behavior can improve the fund manager’s investment level and information accession ability, so as to reduce the risk and improve the return rate. Based on the research above, this paper analyzes the effectiveness of holding fund incentives using the data of Jan-Oct in 2010.