共同基金單筆結合定時定額複合投資方法之研究

Abstract

15年前復華投信推出複合投資法，主要是該投資方法結合單筆投資共同基金搭配定期定額運用停利概念達到穩健獲利的目標。本研究除了欲瞭解台灣共同基金的現況外，並探討單筆投資及定時定額報酬與風險狀況，且進一步探討單筆結合定期定額之複合投資法能否有效降低風險獲取穩健報酬? 本研究以復華投信所推出之共同基金為模擬投資對象，從其挑選母基金與子基金為負相關的投資組合，以複合投資法回測十餘年，並模擬市場先跌後漲、先漲後跌、一路上揚三種狀況並與大盤指數、單筆母子投資及定時定額做比較，希望研究結論能提供投資大眾對此複合投資策略之優劣有所認知，並作為投資者之投資參考。

Fuh Hwa Securities Investment Trust Ltd. invented a compound investment strategy in 2000. The compound investment strategy has successfully combined a lump-sum bulk of investment linked with a monthly automatic deduction dollar-cost averaging method, which can automatically earn profits when total dollar-cost averaging investment position reach its target profit set by a predetermined return on investment with consideration of customer's risk preference. The scope of this research is not only to understand the current market structure of mutual funds in Taiwan but also to evaluate the lump-sum and dollar-cost averaging investment methods based on risks and returns, which yields a research question on“Will the compound investment strategy which integrate both investment methods efficiently reduce risks and enhance returns?” This study adopted simulation methods to evaluate the performance of the compound investment strategy based on a data set composed of the mutual funds issued by Fuh Hwa Securities Investment Trust Ltd. The compound strategy requires investors to choose a core-fund and a sub-fund or a set of sub-funds which have negative correlations or low correlations with the core-fund in their portfolio. Then we execute back-testing under three scenarios of stock market conditions, including TAIEX down then up, TAIEX up then down, and TAIEX up. Finally, we compare the performance of the strategy with TAIEX performance, the performance of dollar-cost averaging method, and the performance of lump-sum investment approach. The result shows that this compound strategy outperforms the three benchmarks.