房地產投資研究：以全球型基金為例

本研究選取2010年1月1日至2015年12月31日間11檔全球型房地產基金，並採用報酬率、標準差、貝它值、夏普值與風險值，探討其績效表現與風險情形，藉此給予投資人於投資組合或資產配置上的提醒。結果發現，基金績效表現分析以亨德森遠見全球地產股票基金、景順天下地產證券基金、聯博全球不動產證券基金、荷寶環球地產股票基金四檔基金投資績效較好；基金風險值分析以亨德遠見全球地產股票基金、摩根環球地產基金、野村全球不動產證券化基金、元大全球不動產證券化基金等四檔基金投資風險較小。 11檔全球型房地產基金除了標準差外，其餘各項指標在歐債危機事件過後已漸轉好。其中，亨德森遠見全球地產股票基金除了貝它值外，其餘各項指標皆表現最佳。顯示歐債事件經過一、兩年動盪的危機後已漸漸趨緩，讓全球房地產共同基金的投資大眾逐漸恢復信心，整體金融投資市場經濟也逐漸轉好。

關鍵字

共同基金；風險值；夏普值；不動產基金

並列摘要

The study, by selecting 11 global real estate funds from January 1, 2010 to December 31, 2015 and with return of rate, standard deviation, Beta Coefficient, Sharpe ratio and Value at Risk (VaR), discusses their performance and risk to give advice to investors on portfolio or asset allocation. The findings show that four funds including Henderson Horizon Global Property Equities Fund, Invesco Global Real Estate Securities Fund, AB Global Real Estate Investment Fund and Robeco Property Equities have better investment performance after fund performance analysis. As to VaR analysis of fund, four funds such as Henderson Horizon Global Property Equities Fund, Morgan Global Property Fund, Nomura Global REITs Fund and Yuanta Global REITs Fund show lower fund investment risk. Except standard deviation, other indicators of 11 global real estate funds turn better after European debt crisis. Of all these funds, Henderson Horizon Global Property Equities Fund is the best on all indicators except Beta Coefficient. This indicates that the European debt crisis after 1-2 years of unrest is slackened off, so investors in global real estate mutual funds restore confidence and the overall financial investment market turns economically healthier.