Fundamental analysis has been the most popular analysis tools for investors in the stock market. If the mutual fund managers use the same fundamental analysis tools in stock markets, do they have the herd behaviors as they buy and sell stocks? This study has three empirical findings. First, mutual fund managers show herd behaviors deriving from fundamental analysis for certain stocks. And the herd buying stocks behaviors are significant for the general mutual funds. Further, the mutual fund managers usually select the stocks by price/sales growth ratio. The results show the trade behaviors of mutual fund managers will be influenced by fundamental analysis. Most of mutual fund managers usually prefer growth stocks.