Transcript
  • ()

    ()

    ()() 12-14

    15-17

    ()

    () http://www.paradigm-fund.com

    http://newmops.tse.com.tw

  • http://www.paradigm-fund.com (02)2175-6969 [email protected]

    774 http://www.chinatrust.com.tw (02) 2381-8890

    33327 www.pwc.com/tw (02)2729-6666

    http://www.paradigm-fund.comhttp://newmops.tse.com.tw

    E-Mail() (1) 9:00~17:300800-818-899

    (2) [email protected]

    (3)104 6 17

    3617

    (02)2175-6969

    :26012

    (07)950-5000

    :345

    181

    (04)2322-0000

  • ...........................................................................................................................1 ........................................................................................................................... 1 ........................................................................................................................... 6 ................................................................... 6 ........................................................................................................................... 9 ................................................................................................................. 15 ......................................................................................................................... 17 ................................................................................................................. 18 ................................................................................................................. 19 ............................................................................................. 22 ............................................................................................................. 25 ............................................................................................................. 27 .........................................................................................31 ............. 31 ............................................................................. 31 ................................................................................................. 31 ............................................................................................................. 31 ..................................................................................................... 31 ....................................................................................... 32 ..................................................................................................................... 32 ......................................................................................................... 32 ......................................................................................... 33 ..................................................................... 33 ......................................................................... 33 ..................................................................... 33 ..................................................................................................................... 33 ......................................................................................................... 33 ................................................. 33 ......................................................................................... 33 ................................................................................................. 34 ......................................................................................... 34 ................................................................................................................. 35 ................................................................................................................. 36 ............................................................................................................. 36 ............................................................................................................. 36 ..................................................................................... 36 .................................................................................................37

  • ......................................................................................................................... 37 ......................................................................................................................... 39 ......................................................................................................... 51 ......................................................................................................................... 52 ................................................................................................................. 52 ............................................................................................................. 53 .........................................................54 .................................................................................................................56

    .............................................................................................57 ..........................................................58 ......................................59 ..................................................................................61 ......................................................62 ..........67 ........................................111

  • 1

    ()

    ()

    ()

    ()

    () ( 91 6 4 )

    ()

    ()

    ()

    ()

    1

    ()

    2

  • 2

    (1)

    (2)

    3

    () 1.

    Top Down

    Bottom Up

    (1)Top DownA

    B

    C

    (2)Bottom Up

    2.

    (1)

    (2)

    ()

    RR5

    RR1

    RR2

    BBB Baa

    BBB

  • 3

    Baa

    RR3

    BBB

    Baa

    RR4

    RR5

    ()

    ()

    () (1)

    (2)

    a.

    b.

    2

    3

    1.5%

  • 4

    1.2%

    1.0%

    0.8%

    ()

    1

    2 (

    )

    ()

    1.

    (1)

    (2)

    (3)

    2.

    3.

    (1)

    (2)

    (3)

    (4)

    (5)

    (6)

    (7)

  • 5

    4.

    ()

    ()

    1.

    2.

    ()

    (0.01%)

    ()

    ()

    ()

    (0.01%)

    ()

    ()

    (1.6%)

    ()

    (0.15%)

  • 6

    ()

    ()

    ()

    ()() 0

    ()

    ()

    A

    ()

    ()

    ()

    ()

  • 7

    ()

    ()

    ()

    ()

    ()

    ()

    ()

    ()

    () () ()

    ()

    ()

    ()

    () ()

    B

    ()

  • 8

    ()

    ()

    ()

    ()

    1

    (1) (2) (3) (4)

    2

    3

    ()

    ()

    ()

  • 9

    ()

    ()

    ()

    ()

    ()

    ()

    1

    (1)

    ()

    (2)

    a.

    b.

    (3)(2)

    (1)

  • 10

    2

    3

    ()()

    1

    (1) 1.

    2.

    3.

    (2)

    (3)

    (4)

  • 11

    (1)

    ()

    (2)

    ()

    (3)

    (4)

    2 ()

    :

    95/11~99/4

    94/12~95/3

    92/3~94/9

    91/3~91/12

    88/10~91/2

    3

  • 12

    4

    2005/06/01 2008/05/16 2008/05/17 2008/06/15

    2008/06/16 2009/04/14

    2009/04/15 2010/03/31

    2010/04/01 2010/05/31

    2010/06/01

    () () ()

    1

    (1) (2) (3) (4)

    (5)

    (6)

    (7)

    (8) ()()

    ()

    (9)

    (10)

    (11)

  • 13

    (12)

    (13)

    (14)

    (15) (16)

    (17)

    (18) ()

    ()

    ()

    (19)

    (20) (21)

    2(8)(13)(16)(19)

    3 1

    1

    ()

  • 14

    100428

    1000014214

    1.

    2.

    1004281000014214

    A.

    B.

    C.A.

    3.

    4.A.

    C

    5.

    6.

    7.

  • 15

    8.

    45

    9.

    ()

    ()

    ()

    ()

    ()

    ()

    ()

    ()

    ()

    ()

    () ()

    ()

  • 16

    (1)

    (2) ()

    () 1

    ()

    (1)

    (2)

    (3)

    (4)

    (5)

    (6)

    (7)

  • 17

    2

    (1)

    (1)

    (2)(3)

    (2)

    (3)

    (4)

    ()

    () ()

  • 18

    ()

    1

    (

    )

    2(

    )

    3

    ()

    1

    (1)

    (2) a.

    b.

    2

    3

    1.5%

    1.2%

    1.0%

    0.8%

  • 19

    4

    (

    )

    5

    6

    ()

    (1)

    (2)

    ()

    1

    2

    3

    ()

  • 20

    1

    2

    3

    a.

    b.()

    4

    ()

    1a.

    (1):

    (2)

    ()

    (0.01%)

    b.(() 1 )

    c.(() 2 )

    2

  • 21

    ()

    1 (1)

    (2) ()

    (3) (())

    2

    ()

    ()

    1

    2

    (1) (2) (3)

    ()

    (())

    ()

    ()

  • 22

    ()

    1

    (1) (2) (3)

    2

    (1) (2) (3)

    3

    4

    ()

    1

    (1)

    (2) (3) (4)

    (5)

    (6)

    (7) ()

    2

  • 23

    (1.6%)

    (0.15%)

    2%

    1.5%

    () 1.2%

    () 1.0%

    () 0.8%

    0.01 % (1)

    (2) 50

    () ()

    ()

    ()

    3 (1) (2) (3)

    ()

    91.11.27091045581581

    423(81)811663751

    1.

    (1)

    (2)

    (3)

  • 24

    2.

    (1)

    (2)

    (3) 0.3%

    0.1%

    3.

    0.4%

    4.

    5.

    ()

    A.

    1

    2

    (1)

    (2) (3) (4) (5) (6) (7)

    B.

    1()

  • 25

    2

    ()

    C.

    1

    2

    (1) (2)

    3

    4

    ()

    1

    (1) (2) (3)

    2

    (1)

    (2) (3) (4) (5) (6)

    3

    (1) 2.

  • 26

    (2) (3) (4)

    (5) (6) (7) (8)

    4

    ():

    1

    (1)

    (2)

    (3) 2

    3 () 1

    4 (1)

    a

    b

    (2) a b c

  • 27

    d e f g h i j

    (3)(1)(2)

    ()

    1.:

    100 12 31

    (

    )

    (%)

    301.860 77.58

    0 0

    301.860 77.58 0 0 0 0 0 0 0 0 44.500 11.44 37.424 9.62() 5.296 1.36() 389.080 100

    2.:

    100 12 31

    ()

    (%)

    153.392 165 25309680 6.5 258.256 75.8 19575805 5.03 470 39.1 18377000 4.72 228.74 79.9 18276326 4.7 127 140.5 17843500 4.59 524.81 32.05 16820161 4.32 60 277.5 16650000 4.28 200 80.4 16080000 4.13

  • 28

    **F- 98 158 15484000 3.98 798.399 18.9 15089741 3.88 139.05 93.8 13042890 3.35 363.15 35.15 12764723 3.28 950 13.2 12540000 3.22 200 56.5 11300000 2.9 790 13 10270000 2.64 271.008 35 9485280 2.44 116.25 65.5 7614375 1.96 109.133 61.3 6689853 1.72 303.96 20.2 6139992 1.58 170.974 34 5813116 1.49 79 70.5 5569500 1.43 221.687 24.85 5508922 1.42 203.562 25.9 5272256 1.35 117.469 44.25 5198003 1.34 75 68.6 5145000 1.32

    3.

    4.

    ()

    1.

    :() :2002/6/4~2011/12/30

    2.

    3.

  • 29

    -11.10

    18.005.53

    20.884.50 6.69

    -22.7162.69 61.73

    -47.16

    -100

    -50

    0

    50

    100

    2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

    (%)

    1. 2. (2002/6/4) 3. ( NAV - NAV) / ( NAV )* 100

    4.

    2002 6 4

    (%)

    -9.18

    -20.33

    -22.71

    33.36

    -26.37

    60.30

    TRERVP1 TR P ERV

    92.1.1 15 92.3.1 13 3 92.12.31 14.5 92 1000015666.67 3666.672000 200013153.846 666.67153.846820.516 ERV 1year14.5820.51611,897.48 TR 1year11,897.48-100001000018.97

    ()

  • 30

    96 97 98 99 100 3.82% 3.19% 2.76% 2.30% 2.11%

    ()

    ()

    ()

    ()

    ( )() (%)

    198,233,903 198,233,903 274,981 0 0

    129,333,049 129,333,049 162,474 0 0

    89,175,434 89,175,434 40,250 0 0

    77,307,745 77,307,745 106,440 0 0

    ( 9 9 )

    70,527,117 70,527,117 82,310 0 0

    184,366,485 184,366,485 170,590 0 0

    83,239,838 83,239,838 74,863 0 0

    79,827,840 79,827,840 71,725 0 0

    75,335,755 75,335,755 67,765 0 0

    (100 1-12 ) 74,004,450 74,004,450 35,720 0 0

    ()

    ()

  • 31

    () () () ()

    (()())

    ()

    1

    2

    3

    4

    5

    6

    7

    8

    ()

    () () ()

  • 32

    ()

    ()

    ()

    ()

    1

    2

    3

    4

    5

    6

    7

    ()

    ()

    1

    2

    3

    4

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    6

    7()

  • 33

    () (1)(3)

    () ()()

    A

    B

    ()

    1

    2

    3

    ()

    1

    2

  • 34

    ()

    1

    2

    3

    4

    ()

    ()

    ()

    ()

    1 2 3 4

    ()

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    ()

    ()

    1

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  • 35

    3

    4

    5

    6

    7

    8

    ()

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    ()

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    1

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    ()

  • 36

    ()

    ()

    ()

    ()

    ()

    ()

  • 37

    ()

    90 11 22

    90 12 25

    91 1 4

    91 3 28

    94 6 13

    ()

    (100/12/31)

    90.12 10 3 3 3 3

    95.07 10 5 5 4 4.5

    97.04 10 5 5 3 15 3.015

    ()

    1.

    2.

    3.

    4.

    ()

    1

    0950103452

  • 38

    ()

    ()

    ()

    ()

    ()

    ()

    2

    (1)

    (2)

    3

    (1) 95/01/06

    (2) 95/03/29

    (3) 95/07/24

    95 2 20 95 7 24 5

    4 5 (4) 95/11/03

    (5) 96/06/29

    Michael Coye (6) 96/07/02

    (7) 96/07/04

    Lee Tsz kin (8) 96/12/03

    (9) 97/04/21

    97 3 28 97 4 21 5

    3 1 5 (10) 97/07/25 97 /

    () (11) 97/09/03

  • 39

    3.33%

    (12) 97/10/03 Michael Coye

    (13) 99/02/10

    20.00% (14) 99/03/04

    (15) 99/03/04 ()

    (16) 99/03/14

    (17) 99/03/15 99 /

    (18) 99/08/17

    (19) 100/01/24

    100.00% (20) 100/01/24

    (21) 100/01/28

    (22) 100/01/31

    (23) 100/07/05

    (24) 100/07/14

    (25) 100/10/31

    4

    5

    ()

    1 (100/12/31)

    0 1 0 0 0 1

    0 30,150 0 0 0 30,150 ()

    0% 100% 0 0 0 100%

  • 40

    2()

    (100/12/31)

    30,150 () 100.00% ()

    1.(100/12/31)

    2. (100/12/31)

  • 41

    2

    1.

    2.

    3.

    4.

    5.

    6.

    7.

    3

    1.

    2.

    3

    1.

    2.

    3.

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    6.

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    8.

    1

    1.

    2.

    3.

    4.

    5.

    1

    1.

    2.

    3.

    4.

    5.

    1

  • 42

    1.5

    2.3

    3.1

    4.2

    5.3

    6.2

    (1)

    (2)SOP ()

    (3) (Fund Performance Reporting)

    (4)

    7.3

    (1)

    (2)

    (3)

    (4)

    (5)

    1

    1.6

    (1)

    (2)

    (3)

    (4)

    (5)

  • 43

    2.10

    (1)()

    (2)

    (3)

    (4)()

    3.4

    (1)

    (2) CIS

    (3)

    (4)

    (5)

    (6)

    4.5

    (1)

    A.

    a.

    b.

    c.

    B.

    C.

    D.

    a.

    b.

    (2)

    A.

    B.

    C.

    D.

    E.

  • 44

    F.

    (3)

    A.

    B.

    5.6

    6.5

    1

    1.5

    (1)

    (2)

    (3)

    (4)

    2.2

    (1)

    (2)

    3.2

    (1)

    (2)

    (3)

    (4)

    (5)

    (6)

    4.3

    (1)

    (2)

    5.5

    (1)()

    (2)

    (3)

    6.3

    (1)

    (2)

  • 45

    (3)

    (4)

    (5)

    (6) (7)

    ()

    ()

    (100/12/31)

    ()

    100.06.01 0 0

    ()

    100.07.21

    0 0

    9

    ()

    100.05.05 0 0

    ()

    /

    ()

  • 46

    94.06.01 0 0

    95.3.20 0 0

    99.05.05 0 0

    91.09.01 0 0

  • 47

    96.12.10 0 0

    97.03.24 0 0

    97.04.25

    97.09.01

    0 0 -

    ()

  • 48

    95.07.03 0 0

    100.05.17 0 0

    99.10.11

    0 0

    *

    * /

    100.02.25

    0 0

    :

  • 49

    :

    100.03.01

    ()

    100.8.22 0 0 ()

    ()

    Head of Arts & Communication

    99.03.01 0 0

    &

    98.06.03 0 0

    :

    ()

    () (100/12/31)

    ()

    ()

    100/07/14 3 30,150 100% 30,150 100% ()

  • 50

    ()

    ()

    ()

    ()

    ()

    ()

    100/01/28 3 30,150 100% 30,150 100%

    100/01/28 3 30,150 100% 30,150 100%

    100/01/28 3 30,150 100% 30,150 100%

  • 51

    100/10/31 3 30,150 100% 30,150 100%

    (100/12/31)

    1

    /

    () () /

    / /

    /

    /

    Norwares Overseas Inc.

  • 52

    ()

    GigaMedia Limited

    /

    /

    1. 2. 3.

    2

    () (100/12/31)

    ()

    ()

    ()

    91 6 4 389,080 24,278 16.03

    91 10 14 1,461,049 131,132 11.1418

    92 3 12 510,460 35,327 14.45

    95 2 13 315,193 50,288 6.27

    95 4 14 799,066 100,008 7.99

    96 1 19 355,935 35,101 10.14

    96 4 26 100,198 10,787 9.29

    96 10 19 304,972 58,701 5.20

    99 3 26 2,088,599 197,081 10.5976

    ()()

    ()

    99 01 21 0980070337

  • 53

    98 7 29 98 7 98 9 ()

    99 07 01 0990030750

    5

    98 6 30

    20 1 1

    ()

    100 03 04 1000008768

    12 99 9 13

    EPS 99 10 1 100 EPS 17 1 4 1

    113 2 12

  • 54

    1.

    6 17 02-2175-6969

    16 3 02-2356-8111

    77 10 02-2381-8890

    66 3 02-2173-6699

    3 36 4 02-2506-3333

    100 11 02-2563-3156

    7 02-2311-8001

    147 6 02-2396-0168

    330 15 02-8965-9999

    144 3 02-2546-6767

    30 17 02-2348-1111

    33 1 02-2371-8333

    246 11 02-2752-5252

    88 3 02-2820-8166

    99 3 02-8711-7888

    200 2 02-8023-9077

    57 12 02-2536-2951

    53 4 02-2348-3456

    30 15 02-2550-9943

    49 6 02-2361-8030

    137 3 02-2507-4066

    87 8 04-2223-6021

    339 2 04-2280-0361

    506 06-213-9171

    327 07-287-1101

    17 3 02-2383-1111

    97 12 02-2325-5818

    111 7 02-2504-8888

    700 2 02-2181-8888

    95 3 02-2327-8988

    188 15 02-2528-8988

    147 1 02-2509-8001

    2.

  • 55

    6 17 02-2175-6969

    17 3 02-2383-1111

    97 12 02-2325-5818

    111 7 02-2504-8888

    700 2 02-2181-8888

    95 3 02-2327-8988

    188 15 02-2528-8988

    147 1 02-2509-8001

  • 56

    ()

    ()

    ()

    ()

    ()

    (Y2K)

    Y2K Y2K Y2K

    1

    Intel

    IBM(Pentium III IV)

    2

    Y2K

    Y2K

  • 57

  • 58

  • 59

    (

    1

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    1

    (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

    2

    (1)

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  • 60

    1

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  • 61

    1. 2.

    3.

  • 62

    (100 8 26 )

    call put

    Maturity

    Maturity

    1.

    2.

    3.

    4.

    5.

    6.

  • 63

    1

    7.

    8.

    9.

    1

    2

    3

    4

    5

    6

    7

    8

    1.

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    1

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    10 bps

  • 64

    10 bps

    1.94 12 31 95 1 1

    1

    2

    3

    4

    5

    1

    2.94 12 31 95 1 1

    95 1 1

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    20 bps

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    A.Maturity

    1

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    call put

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    AA-A+

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  • 65

    C

    2 2

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    1.94 12 31 95 1 1

    1 3

    2.94 12 31 95 1 1

    95 1 1

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  • 66

    1.94 12 31

    2.95 1 1

    1.

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  • 67

    (980804)

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  • 68

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  • 69

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  • 70

    (980804)

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  • 71

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  • 72

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  • 73

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  • 74

    (980804)

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  • 75

    (980804)

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  • 76

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  • 77

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  • 78

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  • 79

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  • 80

    (980804)

  • 81

    (980804)

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  • 82

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  • 83

    (980804)

  • 84

    (980804)

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  • 85

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