共同基金一直是近年來國人主要投資理財的工具之一，除了最普遍的單筆投資以及定期定額投資外，許多銀行發展出定期不定額投資，期待能達到逢低加碼、逢高減碼的特性。然而以上方法都是集中在單一標的，無法分散風險。約略十多年前，國內部份投信及銀行，為了優化投資效率，發展出效率投資法，也有銀行稱之為母子基金。也就是利用具有不完全相關性的兩類或兩類以上的資產形成投資組合。運作的方式在資金投入的初期，單筆資金投入母基金，每月規律性的依設定的日期部份轉至子基金，同時可選擇子基金或整組投資組合停利，方式也依各家銀行有所不同。

這十多年，即使是效率投資法，也有銀行持續改良與進化，而不是只停留在單筆投資搭配定期定額投資，例如Y銀行已於近五年成功另外開發出單筆投資搭配分批加碼投資、單筆投資搭配定期定額及分批加碼投資並存以及單筆投資搭配定期機動加碼投資的另外三種投資模式。

本研究以目前Y銀行的四種效率投資法的投資方式—單筆投資搭配定期定額投資、單筆投資搭配分批加碼投資、單筆投資搭配定期定額及分批加碼投資、單筆投資搭配定期不定額投資的模組做比較，以彭博巴克萊全球信用債券指數做為初始的母基金，MSCI全球股票指數作為轉換的子基金，以最近一次完整的利率循環，以及近四次利率調整期間的日期做績效回測。研究結果發現在完整利率循環下，四組效率投資法不論是年化報酬與風險分散都優於世界指數；定期轉入法、複合轉入法及循環轉入法年化報酬也超過債券指數。

In recent years, mutual funds have always been one of the major investment and wealth management tools in Taiwan. Apart from the most widely used methods, i.e., the lump-sum investing and the dollar-cost averaging investing methods, many banks have developed another method of investing an unfixed amount of capital at regular intervals, in an attempt to realize the trait of “buying less at a high price and more at a low price.” However, the above methods are all concentrated on a single target as opposed to risk diversification. About a decade year ago, some Taiwanese investment trusts and banks developed an efficient investment method for the purpose of optimizing investment efficiency, which was also referred to by some banks as the “master-feeder funds”. Simply put, two or more types of assets with incomplete correlation are used to form portfolios. To be specific, at the initial stage of capital investment, a lump-sum amount is invested in the master fund, portions of which are transferred to its feeder funds regularly according to the set date every month. Meanwhile, the feeder funds or the entire portfolio can execute selectively a stop-profit order. Modes of operation vary from bank to bank.

Over the past decade or so, banks have not been simply relying on the lump-sum investing and dollar-cost averaging investing methods, instead, they have been continuously improving the efficient investment method. For example, Bank Y has successfully developed three new investment modes under this method over the past five years, namely, the combination of lump-sum investment and follow-up investment in batches; the combination of lump-sum investment, dollar-cost averaging investment and follow-up investment in batches; and the combination of lump-sum investment and follow-up investment with unfixed amount of capital.

This study compares the four investment modes of the efficient investment method executed by Bank Y, i.e., the combination of lump-sum investment and cost-dollar averaging investment; the combination of lump-sum investment and follow-up investment in batches; the combination of lump-sum investment, dollar-cost averaging investment and follow-up investment in batches; and the combination of lump-sum investment and follow-up investment with unfixed amount of capital. By using the Bloomberg Barclays Global Aggregate Index as the initial master fund, and the Morgan Stanley Capital International Index the converted feeder fund, this study conducts the performance backtesting on the dates in the most recent complete interest rate cycle and the last four interest rate adjustments, hoping to help investors find the most suitable efficient investment mode under different interest rates.

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