| Summary: | 碩士 === 銘傳大學 === 國際事務研究所碩士班 === 97 === Investing in the mutual funds has become a popular means of managing personal finance. In the meantime, the trend to invest in mutual funds for pension managers in recent years is also becoming a hot focus for research and evaluation. Obviously, it is absolutely important to ensure the profitability of large amount of money invested in mutual funds while minimize investment risk in the same time. Therefore the aim of thus study is to introduce the use of a standard operating mode. This means, this study will examine a unique and standardized method applicable to mutual fund managers worldwide.
This study applies the WINDEX and its corresponding to ends as the tools to reveal those signal information as when to enter and exit from the markets. Fifteen high quality mutual funds with Morning Star rating of five are selected for investment simulation, and all simulation outcomes will be compared with the simple strategy of buy-and-hold. In general, the empirical result from this study can be shown to be for superior over the buy-and-hold strategy. Further more, movement into diversification strategies can not improve the investment performance on average. This may be due to the diversification effect already existed within each individual mutual fund in the sample.
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