2013 3

1
6
9
11
13
15
16 3 20
17

2013 (1)()(2)
(3)(4)


| 2013/09/30

(Fed)

(Fed)
9

9 30

7.57%
2.01%

Morningstar Direct 2013/09/30

1
2013 (1)()(2)
(3)(4)


| 2013/09/30

3 %

Morningstar Direct 2013/09/30

2013 (1)()(2)
(3)(4)


| 2013/09/30

3 %

%
3

23.57

11.68

25.38

37.48

18.96

7.51

22.88

27.62

18.75

7.38

25.43

39.73

17.86

8.14

16.84

38.52

16.85

5.90

19.80

44.76

16.42

7.59

17.80

28.32

16.31

7.67

20.80

33.03

15.92

6.84

17.93

34.46

15.71

7.06

11.99

14.50

14.39

6.79

13.62

24.84

-23.74

-1.18

-27.92

-16.73

-7.17

10.41

-14.82

-17.46

-6.29

4.86

-11.14

0.32

-5.03

10.76

-14.90

3.28

-3.37

3.76

3.00

6.22

-2.38

4.15

-4.89

2.05

-2.36

11.89

-19.02

2.72

1.52

5.64

-3.00

9.22

1.79

4.40

-3.51

2.23

2.54

4.57

-2.99

3.25

Morningstar Direct 2013/09/30

3
2013 (1)()(2)
(3)(4)


| 2013/09/30

3 %

Morningstar Direct 2013/09/30

2013 (1)()(2)
(3)(4)


| 2013/09/30

3 %

%
3

10.12

6.29

8.12

7.41

8.07

3.86

8.16

14.51

7.82

5.76

2.77

-1.76

7.61

5.09

5.95

3.24

7.55

3.77

8.49

16.32

7.32

5.20

2.39

-2.36

7.17

5.61

2.88

-3.29

6.63

3.97

5.48

10.91

6.32

5.08

-2.71

6.99

6.14

3.45

6.88

12.61

-0.50

4.00

-8.29

-5.70

-0.21

1.76

-5.56

-3.07

/ -

-0.17

3.00

-8.00

0.00

-0.15

6.07

-10.12

0.00

0.01

2.23

-5.18

-3.09

0.26

1.24

-7.17

-7.73

0.28

0.37

1.54

1.41

0.32

0.76

-6.45

-2.99

0.33

0.97

-2.07

-2.97

0.39

2.67

-5.73

-4.29

Morningstar Direct 2013/09/30

5
2013 (1)()(2)
(3)(4)


| 2013/09/30

(Fed)
(Fed) 9 Fed

QE

(Fed)

S&P 500
4.69%
6% 9%

10.05%

(GDP)
0.3%9 (PMI)
52.1 27

600
8.92%

10% 17%

23.57%

9
(PMI)
51.1 17

11

9.88%
A
12.81%
11.72%

(ECB)
(Mario Draghi)

2013 (1)()(2)
(3)(4)


| 2013/09/30

QE

6.29%

2013

3%

10.29%

8.62%

14.29%
10.43%
23.74%

2013 GDP
5.
5%
5.08%
IMF
Raghuram Rajan 9

0.08%

7.17%

7
2013 (1)()(2)
(3)(4)


| 2013/09/30

3 %

%
3

23.57

11.68

25.38

37.48

18.96

7.51

22.88

27.62

17.86

8.14

16.84

38.52

16.85

5.90

19.80

44.76

16.42

7.59

17.80

28.32

-23.74

-1.18

-27.92

-16.73

-7.17

10.41

-14.82

-17.46

-6.29

4.86

-11.14

0.32

-5.03

10.76

-14.90

3.28

-3.37

3.76

3.00

6.22

Morningstar Direct 2013/09/30

8
2013 (1)()(2)
(3)(4)


| 2013/09/30

(Fed)

11.06%
14.3%

18.75%

USDA

1.79%

(IEA)

6.01%

9.22%

12.01%

( 2.54%)
(3.96%)
(7.66%)

9
2013 (1)()(2)
(3)(4)


| 2013/09/30

3 %

%
3

18.75

7.38

25.43

39.73

14.30

-7.44

-27.36

-46.68

12.85

7.09

14.62

23.66

12.01

3.55

-3.12

-8.33

11.81

5.66

3.87

5.23

1.79

4.40

-3.51

2.23

2.54

4.57

-2.99

3.25

3.96

4.24

2.93

7.34

5.95

4.78

7.79

24.40

7.66

6.04

9.98

12.43

Morningstar Direct 2013/09/30

10
2013 (1)()(2)
(3)(4)


| 2013/09/30

(Fed)

3.39%
4.14%
GDP
0.7%

6.77%

0.3% 1.2%

4.7% 5.8%

6.3% 7.6%

(Fed)

QE 10
6 2.49%
9 2.61%

2.4%
-

10.12%

-
-

4.23% 5.08%

1.4%
-

0.5%

0.33%

(Fed)
9

11
2013 (1)()(2)
(3)(4)


| 2013/09/30

%
3

4.14

2.66

5.42

5.22

6.77

4.69

6.65

0.29

Morningstar Direct 2013/09/30

%
3

2.35

1.73

-0.02

5.68

2.36

2.61

-2.43

1.07

7.55

3.77

8.49

16.32

2.49

1.78

-0.54

4.68

10.12

6.29

8.12

7.41

6.63

3.97

5.48

10.91

2.35

1.73

-0.02

5.68

1.23

1.04

-1.94

-0.72

5.86

3.47

6.79

10.92

7.61

5.09

5.95

3.24

0.33

0.97

-2.07

-2.97

5.04

3.33

5.76

8.61

7.17

5.61

2.88

-3.29

0.26

1.24

-7.17

-7.73

4.24

2.81

2.31

2.63

6.32

5.08

-2.71

6.99

1.40

1.98

-3.97

-0.85

5.08

4.02

1.49

6.12

0.39

2.67

-5.73

-4.29

-0.50

4.00

-8.29

-5.70

4.23

4.78

-0.06

1.37

Morningstar Direct 2013/09/30

2013 (1)()(2)
(3)(4)

12


| 2013/09/30

2014

(Fed)

GDP
2.5%
2.2%
2014 GDP
3%

2014
3.25% 2014
3.5%2015
4%

0.7%

9
4%
2014

0.9% PMI

8
10.4% 7 9.7%

2013 (1)()(2)
(3)(4)

13


| 2013/09/30

6%

QE

14
2013 (1)()(2)
(3)(4)


| 2013/09/30

%
3

6.05

3.60

8.93

21.09

4.08

2.78

8.96

24.29

9.43

4.84

10.42

15.23

1.71

1.43

5.26

15.81

8.29

4.80

10.64

29.13

9.75

5.77

11.80

29.75

-1.22

0.88

-6.17

-7.80

1.07

1.04

-2.42

-1.40

3.78

3.21

5.94

9.54

5.42

3.29

5.98

9.28

1.11

2.34

-4.22

-1.69

0.56

2.80

-4.96

-0.90

8.25

-4.95

-17.06

-25.66

6.86

-4.32

1.26

3.51

-1.12

-2.99

-2.60

-13.91

-7.41

-2.24

-21.44

-40.75

8.29

2.78

-3.61

-13.18

-12.36

-8.40

-16.70

-23.74

3.81

4.46

-2.32

26.01

21.69

8.37

20.15

2.92

0.70

1.09

3.29

12.97

7.85

6.01

9.57

17.72

2025

5.04

3.23

4.34

12.02

4.49

2.99

3.93

10.71

11.06

5.22

15.98

27.08

Morningstar Direct 2013/09/30

15
2013 (1)()(2)
(3)(4)


| 2013/09/30

3 20

%
3

23.53

9.45

33.51

50.50

21.46

8.58

27.14

39.48

21.33

8.52

26.88

38.53

18.80

5.81

26.63

41.43

18.66

8.79

18.93

30.66

A2

18.41

3.73

-9.20

-19.70

18.35

8.29

28.40

26.12

()-A ()

18.17

9.95

17.97

35.41

18.05

5.99

21.11

48.81

17.78

3.37

18.92

24.99

17.74

2.09

-5.89

-22.55

17.52

-7.10

-27.31

-48.33

17.31

7.60

6.47

6.09

17.16

6.77

12.46

0.53

16.99

9.51

5.83

6.39

16.90

0.89

19.16

24.18

16.73

5.68

18.23

26.89

16.66

6.95

22.52

30.70

16.47

1.43

-13.91

-28.57

16.30

2.37

18.39

25.56

A(acc)
--R
--HR
()()
-

A-

-
A1 -
-
A (acc)

-
A

Morningstar Direct 2013/09/30

16
2013 (1)()(2)
(3)(4)


| 2013/09/30

1.
2. ()

Morningstar Morningstar Analyst RatingTM

Morningstar Morningstar
5 Pillars
(People)(Parent)
(Process)(Performance)(Price)

Morningstar
5
:

Morningstar

Morningstar

17
2013 (1)()(2)
(3)(4)


| 2013/09/30

20
()-

QE

1991 12 2 20

:
Kowk
Kowk

Kowk 1 30
Kowk

:
7(4.5%)
HooverRyobi
7
(3%)

2013
(12%)

18
2013 (1)()(2)
(3)(4)


| 2013/09/30

:
Kowk 2005 2009
Kowk 2013 9 30
7.03% 1.14%

2012 32.75%
14% 2013 9

()15
:

Morningstar

(%)
1

()

2012

2011

6.18

2.24

-1.87

32.75

-29.76

4.16

2.08

-3.87

18.75 -19.90 N/A

:Morningstar()2013/9/30

19
2013 (1)()(2)
(3)(4)

 10
()-

()

( 9 30 ) 20.54%(
)()() 2004 10
8 10
:
Russell 1000 25

(Classic)(Elite)(Cyclical)
:
Russell
100015%8%

20%40%60%
80%0%20%
7(26.68%)
(20.69%)
(8.1%)


| 2013/09/30

:
200410930
8.64% 0.7%
2.74%201216.15%
0.89%2.71%
(930
)18.18%0.36%0.69%

()()1
5:

Morningstar

(%)
1

()
()

2012

2011

4.79

11.22

12.71

16.15

-0.20

4.23

7.84

9.35

13.20

-1.47 N/A

:Morningstar()2013/9/30

21
2013 (1)()(2)
(3)(4)


| 2013/09/30

Morningstar Asia Limited Taiwan Branch

+886 2 8101 0666
7 27 -C
( 101 )
http://tw.morningstar.com
http://www.morningstar.com

22
2013 (1)()(2)
(3)(4)