(一)相對績效 彙總了基金化後投資組合於各期佔基金績效排序前20%之次數後，結果發現以成長型基金化後投資組合表現較佳。 (二)絕對績效 計算出三式基金化後投資組合於研究期間的期間報酬率後，我們得到投資組合中以轉機型表現的最傑出，且報酬率更要較績效最佳的永豐永豐基金高出158%。 In the relevant literatures, all of them pointed out in the Taiwan stock market the earnings per share(EPS) is the significant explanatory variable which dominates the rate-of-return. So we collect the quarterly financial reporting data through each quarter , to use EPS as a main variable to establish investment portfolios of higher profit、turnaround and growth stock respectively. Furthermore , we evaluate the performance of buy and hold strategy whether can beat the market and/or domestic open-end mutual funds. According to our empirical study, we want to provide valuable investment strategy to investor. The main empirical finding as below：
1.Generalized investment portfolio (1)Relative Performance After evaluating with the market and open-end mutual funds, we find the performance of turnaround portfolio is the best in our three portfolios. (2)Absolute performance By comparing with the market and open-end mutual funds, we also find turnaround portfolio’s performance is the best of the three portfolios.
2.Fundization portfolio (1)Relative Performance After summarize the number of fundization portfolio’s performance which ranking in the top 20%.We find growth portfolio perform the best in the three portfolios. (2)Absolute performance By calculate rate-of-return of the three fundization portfolio .We find turnaround portfolio’s performance is the best of the three portfolios.
