| Summary: | 碩士 === 南華大學 === 財務金融學系財務管理碩士班 === 102 === In this study, the concept of the 4-4-3-3 Rules is extended, relaxing the screened percentage, to become the Self-picking Rules, while adding the Index Rules for three sets of empirical study. The advantages and disadvantages of the three rules’ performance within one year are compared in order to find the recommendable rule.
The important findings of this study are as follows:
1. After evaluating the advantages and disadvantages of the three rules by risk coefficient, the best is the Self-picking Rules, next the Index Rules, and the last one is the 4-4-3-3 Rules. It is found that for the investment performance within one year, using the Self-picking Rules with relaxer percentage and the Index Rules to select funds relatively can include more premium funds to establish the investment portfolio that not only helps to reduce the risk, but also promotes the return rate.
2. In terms of the percentage adjustment strategy of Self-picking Rules and Index Rules, both rules showed relatively defensive by strict 30% return during the bear in 2008 and 2011, and better by relax 50% return during the bull in 2009, 2010, 2012, and 2013.
3. To compare the investment portfolio established by equal weighted and scaling weighted, it is found that using the fund by scale to make investment portfolio is effective; however, the investment portfolio performance cannot completely defeat the stock market performance, fixed deposits rate , and inflation rate.
4. Discussing the accumulated return rate efficiency in the three rules respectively by compound interest effect, it is found that the Self-custom Rules are the best for domestic fund, and the Index Rules are best for multinational fund; and all the three rules can win the stock market performance, fixed deposits rate , and inflation rate.
5. Caculating the equal-weighted and scaling-weighted accumulated rewards efficiency respectively by compound interest, regardless of the rules, it is founded that equal weighted is better than scaled weighted, and the accumulated return rate of investment portfolio performance become much better than the stock market performance, fixed deposits rate, and inflation rate.
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