The fund managers usually observe the implication from other managers' trading, due to lack of the personal ability or information. Further, the managers observe trading information from each other, and then decide if they need to follow other managers' behaviors. Therefore, fund managers have the herd behaviors. The main purpose of this paper is to explore if the mutual fund managers will follow trading behaviors of from outstanding fund managers, and then fund managers have the herd behaviors on the information cascade effect. This study has three empirical findings. First, fund managers have the herd behaviors. The fund managers will follow trading behaviors from outstanding fund managers. Secondly, the fund managers' herb behaviors in bull period (at the beginning of the year) are more significant than that in bear period (at the ending of the year). Third, the fund managers' herb behaviors on the electronics stocks are more significant than that on the non-electronics stocks. The results imply the outstanding fund managers will be the benchmark on their holding stocks.