摘要
本文從MORNINGSTAR基金評比網站中，台灣地區可投資的亞洲高收益債券型基金組合中挑選6檔，分別為未來資產亞洲高收益債券基金；野村亞太複合高收益債基金；匯豐亞洲高收益債券基金；瑞銀亞洲高收益債券基金；德銀遠東DWS亞洲高收益債券；摩根亞洲總合高收益債券基金等。在2014年1月美國聯準會宣布QE逐步退場，直到2014年10月正式退場，於2015年12月美國終於做了第一次利率升息，在此環境條件下高收益債券基金的投資績效是否良好為值得研究的議題。由研究結果發現一、平均月報酬率大約在0.45%，仍高於一般定存利率，以瑞銀亞洲高收益債券基金最高，最低的是匯豐亞洲高收益債券基金；二、風險總平均值為0.5810%，最低的是匯豐亞洲高收益債券基金，最高的是野村亞太複合高收益債基金，屬風險相對較高；Sharpe指標以瑞銀亞洲高收益債券基金最高，匯豐亞洲高收益債券基金最低；標準差為1.29%，以匯豐亞洲高收益債券基金最小；最後建議投資人若追求高報酬時可選擇瑞銀亞洲高收益債券基金或野村亞太複合高收益債基金投資，相對而言，也必需承擔較高的風險；若追求低風險時可選擇未來資產亞洲高收益債券基金、匯豐亞洲高收益債券基金與摩根亞洲總合高收益債券基金，但其報酬也相對較低。
並列摘要
The fund evaluation site, MORNINGSTAR, recommended a portfolio of Asian high-yield bond funds composed of the following six funds chosen from those available in Taiwan: Mirae Asset Asia High Income Bond, Nomura Asia Pacific High Yield Bond Fund, HSBC Asian High Yield Bond, UBS (TW) Bond Fund-Asian High Yield, DWS Asia High Yield Bond, and JPMorgan (Taiwan) Asia High Yield Total Return Bond Fund. In January 2014, the US Federal Reserve announced that its QE (or, Quantitative Easing) policy would gradually withdraw, and QE formally withdrew from the market in October, 2014. In December 2015, the United States finally raised its interest rates. Under such environmental conditions, it is worthwhile to examine the investment performance of high-yield bond funds. The research results can be summarized as the following: (A) The average monthly return rate is approximately 0.45%, which is still higher than the interest rate of time deposit. Among the aforementioned six funds, UBS (TW) Bond Fund-Asian High Yield enjoys the highest interest rate for time deposit, and HSBC Asian High Yield Bond is the lowest. (B) The overall average value of risk is 0.5810%. HSBC Asian High Yield Bond is of the lowest rate, and Nomura Asia Pacific High Yield Bond Fund is relatively the highest; in terms of Sharpe Indicator, UBS (TW) Bond Fund-Asian High Yield is the highest, and HSBC Asian High Yield Bond is the lowest; the standard deviation is 1.29%, and HSBC Asian High Yield Bond shows the least standard deviation; Final suggestions are presented as below: For investors pursuing high ROI, they can choose UBS (TW) Bond Fund-Asian High Yield and Nomura Asia Pacific High Yield Bond Fund. Comparatively, investors of these two funds shall take higher risks. For investors pursuing low risks, they can choose Mirae Asset Asia High Income Bond, HSBC Asian High Yield Bond, and JPMorgan (Taiwan) Asia High Yield Total Return Bond Fund. In contrast, the ROI of the tree funds will be relatively lower.