| Summary: | 碩士 === 國立臺灣大學 === 財務金融學研究所 === 95 === Fund of funds has become a popular vehicle of investment in recent years. It not only enables lowering investment risks but also provides more stable return, which collectively make itself a suitable choice for long term investors. Market situation vary instantly, therefore a goood fund manager is required to evaluate and pick/choose various sub-funds, from which he/she may allocate the assets of his/her fund of funds. It has become the essential part of fund management.
This thesis is focused on comparison of strategies, rates of return, risks between all funds of funds managed domestically as a whole and other types of funds; and on analyses of correlation between the performance of the funds of funds and , MSCI world index and Citibank world bonds index. It is found that domestic global balanced funds of funds cerainly can be used as the core holdings of an investment portfolio. According to the difference of risk appetite, it can be compartmentalized to three types of funds: conservative, moderate, and aggressiveness. Domestic global balanced funds of funds mostly adopt dynamic strategy of asset allocation to facilitate supple adjustment of allocation ratios. For example, Fuh hwa Olympic Gobal Fund of Funds is a case in point and offers a thorough illustration of the design, performance and positioning of a successful fund of funds, and again emphasis on the importance of asset allocation.
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