母子基金投資策略之探討—以富蘭克林坦伯頓基金為例

本研究以定期定額應用於股票型基金之投資策略為探討重點。由於市場利率不斷走低，相較於過去傳統定期定額方式，本研究提出「配置型定期定額策略」，並以有無執行停利(損)的績效差異進行探討。實證結果發現，無論投資期限一年、三年或五年，配置型定期定額策略因債券型基金績效穩定成長使得平均年化報酬率顯著大於傳統定期定額策略。若在傳統定期定額期間執行停利停損點之設立，發現有設立停損的定期定額投資績效優於不停利的定期定額，若能設立停損加停利則投資績效最佳，該效果會隨投資期間增長而愈明顯。而配置型定期定額方式操作在投資期間放至一年以上，則無論有無停利，皆能優於單筆投資，若能於投資期間同時執行停損操作，則平均年化報酬率將最佳。換言之，對於股票型基金的投資策略，本研究認為資金「配置」及執行「停利損」的設立是長期投資人提昇定期定額績效不可或缺的兩個重要因素。

關鍵字

定期定額；單筆投資；配置型；停利；停損

並列摘要

This study, we examine the investment strategy, especially for dollar averaging cost (DCA), applying on stock fund. Since market interest rates continue to decline. Compared to the traditional DCA strategy, this study proposes the allocation DCA strategy and examines the performances if executing stop profit (loss) or not during DCA investment periods. The results show that in one year、three year or five year, the average annualize return of the allocation DCA strategy is significantly outperform than traditional DCA strategy owing to the trend of the bond index is steadily increasing. If the stop-profit or stop-loss is executed during DCA investment horizon, the results show that the DCA performance with executing stop-loss is superior to DCA performance and stop-profit. The establishment of only stop-gain (without stop-loss) has the best performance, and the effect is more obvious as the investment horizon longer. For one year or more, the performance of the allocation DCA strategy can outperform than lump sum strategy regardless executing stop-gain or not, but the annualized return is the best for the allocation DCA strategy with stop-profit. In other words, our study focus on the passive stock fund strategy, and suggests that fund allocation and stop-gain（loss） are two important factors to increase the performance of DCA for long-term horizon investors.