
自由時報「財富自由」頻道與台灣經濟新報合作推出『大師選股』系列,首期介紹價值投資大師查爾士‧布蘭帝的選股邏輯。文章說明其投資原則、以台股為標的的回測設計(2020-2025)及績效分析,強調安全邊際與中長期持有,僅供投資參考。
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自由時報與台灣經濟新報合作推出『大師選股』系列,首期聚焦價值投資大師查爾士‧布蘭帝。文章說明其投資理念、管理規模成長及代表基金績效,並介紹其選股邏輯在台股的回測設計。
自由時報「財富自由」頻道與台灣經濟新報合作,精選【投資大師選股-價值型選股專家】,讓您投資理財更輕鬆!
〔財經頻道/綜合報導〕自由時報「財富自由」頻道與台灣經濟新報(https://www.tejwin.com)合作,即日起推出「大師選股」,依歐美投資大師的選股邏輯與原則,套用於台股之上,篩選出最新的投資標的,供讀者參考,今日推出查爾士‧布蘭帝的價值型選股法。
查爾士‧布蘭帝 是班傑明‧葛拉漢的得意門生,自1974年創立Brandes Investment Partners 以來,將管理資產從 1.3 億美元成長至逾 750 億美元。旗下 Brandes Global Equity Fund 二十年年化報酬率達 17.91%,顯著領先 MSCI World Index,並獲晨星五顆星與多項國際大獎肯定。其另一代表作 AGF International Value Fund 同樣展現卓越長線績效,布蘭帝本人也曾蟬聯全球頂尖基金經理人之首。
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布蘭帝堅守價值投資本質,反對以未來預測資料作為選股依據,強調以「安全邊際」與公司真實價值為核心,並以中長期持有為原則。為忠實還原其投資思想,本研究將其理念量化,採用公司淨值替代傳統折現模型,並搭建回測架構於歷史行情中檢驗策略表現。本篇文章將分別介紹資料處理流程、回測設計與績效分析,期望呈現布蘭帝價值投資在量化框架下的可行性與穩健性。
安全邊際(Margin of Safety):指的是當資產的內在價值高於市場價格時,所存在的保護空間。這個概念強調,即便未來經營或市場環境出現不利變化,因為買入時價格足夠便宜,仍能降低損失風險。
本研究以台灣證券交易所與櫃檯買賣中心掛牌之所有上市櫃公司為投資標的,蒐集自2013年起十年期間的股價、財務報表與董監事持股等基礎資料,並完成資料清洗與整合。由於策略邏輯需引用最近五年之財務資訊,實際回測期間訂為2020年1月1日至 2025年4月21日,僅對符合條件之樣本進行歷史績效模擬,以確保數據完整性與策略檢驗的嚴謹性。僅供讀者投資參考。
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China Construction Bank released in Shanghai a high-quality development service plan to support the construction of the Shanghai (Yangtze River Delta) International Science and Technology Innovation Center and an action plan to support the development of the integrated circuit industry. It proposed to provide trillions of comprehensive financing support for the entire integrated circuit industry chain during the "15th Five-Year Plan" period, and signed strategic cooperation agreements with a number of companies.

The car lamp factory Tiweixi (1522) invested in Xiaojinjiruyi (6604) to increase cash capital and issue 7,000 new shares, of which 5,040 were underwritten through bidding and auction. The bidding period is from September 17 to September 21. The lowest bidding price is 20 yuan per share. It is expected to be listed on the OTC market on October 6. Ruyi is deeply involved in the fields of automobile and motorcycle lights and LED module electrical switches. Its revenue will reach 2.071 billion yuan in 2025. In the first half of this year, its revenue increased by 10.85% year-on-year, and its net profit after tax increased by 149.32% year-on-year. Major customers include Taiwan, Japan and Malaysia, with the Taiwan market accounting for 58% of revenue. Chairman Wu Guochen said that the Taiwan market is stable, and Japan and Southeast Asia are the main overseas markets. He will actively strive for orders from the Malaysian market and expand the Vietnamese market through the Indonesian joint venture AJI. The operating performance of AJI, an Indonesian joint venture company in which Ruyi holds 50% of the shares, has grown year by year. From 2023 to 2025, the annual growth rate of AJI's investment income recognized by outsiders was 13.5%, 24.5%, and 4.9% respectively. Last year, the pre-tax profit contribution accounted for 47.3%. Wu Guochen pointed out that thanks to the slow recovery of Taiwan's auto market and the increased volume of new projects for domestic car customers, order visibility has reached 2027-2028. It is optimistic that the operating performance next year will not be worse than this year.

British pharmaceutical giant GSK has agreed to acquire global rights to a T-cell engager cancer drug from Chinese biotech firm Chimagen Biosciences in a deal potentially worth $750 million, targeting multiple myeloma with promises of improved tolerability and durability.

On Tuesday (15th), a surge in oil prices triggered concerns about rising inflation and strengthened market expectations for the Federal Reserve to raise interest rates this week. The U.S. dollar and U.S. Treasury yields rose, causing gold spot prices to fall 0.1% to $4,293.29 per ounce, and U.S. gold futures fell 0.4%. Experts point out that gold is in a range-bound pattern, and if interest rates continue to rise, gold prices may be sold off further. At the same time, oilfield operations at Red Sea ports in Libya and Saudi Arabia were suspended, deepening market concerns about disruptions in key oil supplies. In terms of other precious metals, silver, platinum, and palladium all rose slightly.

China's industrial dominance stems not from cutting-edge innovation alone but from its unmatched ability to scale mature technologies that drive the global economy, shifting the focus from trade deficits to production leadership in emerging markets across Asia, Africa, and Latin America.

TSMC went ex-dividend today, distributing a cash dividend of 7.00000137 yuan per share, setting a new quarterly dividend high. Affected by the retracement of U.S. technology stocks and concerns about AI investment, there was a slight discount in early trading on the first day of ex-dividend trading. As of June, TSMC has paid dividends on the same day 22 times in all previous ex-dividends. The market is paying attention to whether the interest filling can be completed sequentially this time.