中型IC設計類股投資價值頗析:法人版投資組合 V.S. 散戶版投資組合

Abstract

Now most of retail investors don’t have a good and easy strategy on their stock investment. So we will try to establish a easier 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. We will utilige “IC design stocks” to establish relevant investment portfolios. Forthmore, we analyze the relative and absolute performance of practical investment value of our portfolios. The main empirical findings as below: 1.Investment portfolios of IC design stocks v.s. the weighted average of market and electronic index (1)Relative Performance After comparing the weighted average of market and electronic index,we find our institutional investment portfolio’s rate-of-return just lost in 2009&2010 . Beside it win a victory over the weighted average of market and electronic index in the remaining years during research period. But our retail investment portfolio’s rate-of-return is very well. It beat the weighted average of market and electronic index in every years during research period. (2)Absolute Performance Finally, retail investment portfolios or Institutional investor portfolio have a better absolute performance. All both can defeat weighted average of market and electronic index in the period of analysis. But retail investment portfolios’ performance is much better than institutional investor portfolio. 2.IC design stocks fundization investment portfolio v.s. Open-end mutual funds (1)Relative Performance After making the IC design stocks fundization its performance which ranking in the top 20% of open –end mutual funds in the four of consecutive five years since 2006, we could prove it performs better than any other open-end stock mutual funds, just lost SinoPac funds. Besides, it even got the champion in 2006. (2)Absolute Performance By comparing absolute performance with open-end mutual funds, IC design stocks fundization investment portfolio is the second of the relative excellent open-end mutual funds. Beside it is the second of all virtual domestic open-end mutual funds，just lost Yongfeng-Yongfeng stock mutual funds.