不同操作策略下,超大型個股投資價值之剖析法人版投資組合 v.s. 散戶版投資組合

Abstract

In this research we try to establish a easy and effective strategy. It is not only easier to operate but also can beat the market and the performance of open-end stock mutual funds , which operated by profession managers and research team . We will utilige the easy trading strategy and previous year and top 20 superlarge-cap stocks to establish relevant investment portfolios. Forthmore, we analyze the relative and absolute performances of practical investment value of our portfolios. The main empirical findings as below: 1.Investment portfolios of superlarge-cap stocks v.s. the weighted average of market index. (1)Relative Performance a. Market index surpass the Institutional investment portfolio and two types retail investment portfolio, which can’t win institutional investment portfolio. b. The buy low sell high operational strategy surpass the buy high sell low operation in any types investment portfolio. (2)Absolute Performance a. Market index surpass any type investment portfolio in the consecutive five years. b. When market index fall down which will be surpassed by any type investment portfolio. 2. Superlarge-cap stocks fundization investment portfolio v.s. Open-end mutual funds (1)Relative Performance After making the super large-cap stocks fundization, two types operational strategy performance which can namle in the top 20% of open –end mutual funds in the two of consecutive five years. (2)Absolute Performance By comparing absolute performance with open-end mutual fundssuperlarge-cap stocks fundization investment portfolio is of mediocre relative to excellent open-end mutual funds.