全球組合型基金之研究-以復華奧林匹克全球組合基金為例

Abstract

組合型基金的興起，在近幾年儼然已成為一種受注目的基金投資標的，它不僅可降低投資風險並且績效也較穩健，適合長期穩健的投資人。市場情勢的瞬息萬變，基金經理人需篩選子基金，為投資人進行基金資產配置的工作，故可看出資產配置的重要性。 本研究著重在於國內全球組合平衡型基金的操作策略、報酬率、風險、與其他類型基金的比較，以及和MSCI世界指數及花旗全球公債指數間的相關係數分析，並發現國內全球組合平衡型基金確實可以作為投資的核心持股，依其風險屬性的不同，區分成三種類型（保守型、穩健型、積極型），此外，國內全球組合平衡型基金裡大多會採動態多重資產配置策略，以彈性調整資產配置比例。於此，以復華奧林匹克全球組合基金為例，完整敘述從此檔基金的設計概念到績效及定位，並再次強調資產配置的重要性。

Fund of funds has become a popular vehicle of investment in recent years. It not only enables lowering investment risks but also provides more stable return, which collectively make itself a suitable choice for long term investors. Market situation vary instantly, therefore a goood fund manager is required to evaluate and pick/choose various sub-funds, from which he/she may allocate the assets of his/her fund of funds. It has become the essential part of fund management. This thesis is focused on comparison of strategies, rates of return, risks between all funds of funds managed domestically as a whole and other types of funds; and on analyses of correlation between the performance of the funds of funds and , MSCI world index and Citibank world bonds index. It is found that domestic global balanced funds of funds cerainly can be used as the core holdings of an investment portfolio. According to the difference of risk appetite, it can be compartmentalized to three types of funds: conservative, moderate, and aggressiveness. Domestic global balanced funds of funds mostly adopt dynamic strategy of asset allocation to facilitate supple adjustment of allocation ratios. For example, Fuh hwa Olympic Gobal Fund of Funds is a case in point and offers a thorough illustration of the design, performance and positioning of a successful fund of funds, and again emphasis on the importance of asset allocation.