國內主題式基金績效實證研究

Abstract

近年來國內投信公司為增加其基金管理規模，不斷地發行新基金，由於基金種類充斥各基金公司，基金公司間的差異性消失。為了吸引投資人，基金公司不斷創造話題，設計不同投資標的主題式基金。對於投資人而言，在各式各樣基金挑選適合的投資標的，變得非常複雜，而無所適從。到底應該投入一般型的股票型基金，由基金公司經理人決定投資標的，還是觀察時事，將資金投入特定商品或主題式基金，對一般投資人在基金投資決策上變得困難無比。 本研究挑選2000年以來，國內成立之四種主題式基金，模擬投資人在基金成立時就投入，分析其持有一個月、三個月、六個月、一年、兩年、三年、五年之報酬率，並比較持有相同期間， 以MSCI WORLD INDEX 為指標之基金報酬率，作為投資人參考。同時，本研究亦從各主題式基金之規模及單位數之變化，探討投資人對該類基金之投資意願，或能符合投資人之需求，其規模隨成立時間之增加而成長。分析結果，主題式基金之報酬率表現並沒有優於MSCI WORLD INDEX，且隨著成立時間之拉長，報酬率逐漸下滑，規模不增而反減。 本研究結論主題式基金績效會受全球經濟情勢影響，針對某些主題投資，不宜當為投資的核心部位，只能作為追逐高風險高報酬之短期投資，或作為短期投資資產配置之一個選項。

In recent years, domestic investment and trust companies continue to release new funds in order to increase their categories of funds. Due to the reason that a variety of categories flooded into each mutual fund house, the diversities among them disappeared. For the purpose to attract investors, mutual fund houses successively create many subjects and design theme funds with different investments. For the view of the investors, to choose among varieties funds for a suitable investment has become tricky and confusing. General investors found it rather difficult to make decisions on policy making relevant to funds. They wonder whether to involve into standard stock fund which managers of mutual found houses would decide on the investment; or to observe the trend and invest in specific goods or theme fund. This research selected four domestic theme funds since year 2000. Simulate investors made investments when the funds were established and analyzed the investment return of one, three, six months, one, two, three and five years. Simulate investors also compared the investment return based on the standard of MSCI WORLD INDEX as the reference for investors. Meanwhile, this research probed into investors’ inclinations toward this type of fund from the size of theme funds and changes of unit numbers. In addition, this research also observed if this type of funds could be qualified for investors’ requests, which the size will grow with increasing years of establishment. The analysis result shows that investment return of theme fund is not superior to MSCI WORLD INDEX. Besides, with longer period of establishment, the investment return and the AUM decrease. The final conclusion shows the performance of Theme fund is affected by global economic status. The investment that focused on a specific theme should not be used as the core investment. However, it could be used for short term investment of high return with high risk or as an option of short term portfolio allocation.