{"id":13736,"date":"2025-04-13T15:20:08","date_gmt":"2025-04-13T07:20:08","guid":{"rendered":"https:\/\/blog.roboadvisor.com.tw\/?p=13736"},"modified":"2025-04-14T10:34:48","modified_gmt":"2025-04-14T02:34:48","slug":"%e5%b8%82%e5%a0%b4%e5%9b%9e%e6%aa%94%e6%9c%9f%e9%96%93%e7%9a%84%e5%86%8d%e5%b9%b3%e8%a1%a1%e6%95%88%e7%9b%8a","status":"publish","type":"post","link":"https:\/\/blog.roboadvisor.com.tw\/?p=13736","title":{"rendered":"\u5e02\u5834\u56de\u6a94\u671f\u9593\u7684\u518d\u5e73\u8861\u6548\u76ca"},"content":{"rendered":"\n<p>\u6839\u64da T. Rowe Price \u7684\u7814\u7a76\u300a<a href=\"https:\/\/www.troweprice.com\/content\/dam\/iinvestor\/resources\/insights\/pdfs\/whats-the-best-approach-for-portfolio-rebalancing.pdf\">What\u2019s The Best Approach for Portfolio Rebalancing?<\/a>\u300b\u63a2\u8a0e\u4e86\u5e02\u5834\u56de\u6a94\u671f\u9593\u7684\u518d\u5e73\u8861\u6548\u76ca\uff0c\u9019\u9805\u7814\u7a76\u5206\u6790\u4e86\u00a0<strong>\u904e\u53bb 25 \u5e74\u7684\u5e02\u5834\u6578\u64da<\/strong>\uff0c\u4f7f\u7528\u4e86<strong>\u6efe\u52d5\u7684 10 \u5e74\u671f\u9593<\/strong>\uff0c\u8d77\u59cb\u65e5\u671f\u6700\u65e9\u53ef\u8ffd\u6eaf\u81f3 1998 \u5e74 2 \u6708 1 \u65e5\uff0c\u7d50\u675f\u65e5\u671f\u81f3 2023 \u5e74 1 \u6708 31 \u65e5\u3002\u9019\u6a23\u7684\u6642\u9593\u7bc4\u570d\u6db5\u84cb\u4e86\u5ee3\u6cdb\u7684\u5e02\u5834\u74b0\u5883\uff0c\u5305\u62ec\u6709\u718a\u5e02\u548c\u6c92\u6709\u718a\u5e02\u7684\u6642\u671f\u3002<\/p>\n\n\n\n<p>\u7814\u7a76\u6bd4\u8f03\u4e86&nbsp;<strong>\u56db\u7a2e\u4e0d\u540c\u7684\u518d\u5e73\u8861\u7b56\u7565<\/strong>&nbsp;\u8207\u4e00\u500b<strong>\u4e0d\u9032\u884c\u518d\u5e73\u8861\u7684\u5c0d\u7167\u7d44<\/strong>\u5728&nbsp;<strong>\u4e09\u500b\u5047\u8a2d\u7684\u6a21\u578b\u6295\u8cc7\u7d44\u5408<\/strong>&nbsp;\u4e2d\u7684\u8868\u73fe. \u9019\u4e09\u500b\u6a21\u578b\u6295\u8cc7\u7d44\u5408\u7684<strong>\u80a1\u7968\u914d\u7f6e\u6bd4\u4f8b\u5206\u5225\u70ba 30%\u300160% \u548c 90%<\/strong>\uff0c\u6bcf\u500b\u6a21\u578b\u5305\u542b\u4e03\u5230\u516b\u500b\u5e02\u5834\u6307\u6578\u3002\u9019\u4e9b\u6307\u6578\u7684\u5177\u9ad4\u914d\u7f6e\u6bd4\u4f8b\u5728\u5831\u544a\u7684\u7b2c\u516d\u9801\u6709\u8a73\u7d30\u8aaa\u660e\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/pgfinnote.com\/wp-content\/uploads\/image-1058.png\" alt=\"\" class=\"wp-image-33615\"\/><\/figure>\n\n\n\n<p>\u7814\u7a76\u4e2d\u4f7f\u7528\u7684\u56db\u7a2e\u518d\u5e73\u8861\u7b56\u7565\u57fa\u65bc\u4e0d\u540c\u7684**\u300c\u5bb9\u5fcd\u5340\u9593\u300d**\u4f86\u89f8\u767c\u518d\u5e73\u8861\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>2% \u56fa\u5b9a\u5340\u9593<\/strong>\uff1a\u7576\u67d0\u9805\u6295\u8cc7\u7684\u914d\u7f6e\u6bd4\u4f8b\u76f8\u5c0d\u65bc\u5176\u76ee\u6a19\u914d\u7f6e\u6bd4\u4f8b\u8d85\u51fa\u4e0a\u4e0b 2 \u500b\u767e\u5206\u9ede\u6642\u89f8\u767c\u518d\u5e73\u8861\u3002\u4f8b\u5982\uff0c\u76ee\u6a19\u914d\u7f6e\u70ba 20% \u7684\u6295\u8cc7\uff0c\u7576\u6bd4\u4f8b\u8d85\u904e 22% \u6216\u4f4e\u65bc 18% \u6642\u6703\u89f8\u767c\u518d\u5e73\u8861.<\/li>\n\n\n\n<li><strong>3% \u56fa\u5b9a\u5340\u9593<\/strong>\uff1a\u7576\u67d0\u9805\u6295\u8cc7\u7684\u914d\u7f6e\u6bd4\u4f8b\u76f8\u5c0d\u65bc\u5176\u76ee\u6a19\u914d\u7f6e\u6bd4\u4f8b\u8d85\u51fa\u4e0a\u4e0b 3 \u500b\u767e\u5206\u9ede\u6642\u89f8\u767c\u518d\u5e73\u8861\u3002\u4f8b\u5982\uff0c\u76ee\u6a19\u914d\u7f6e\u70ba 20% \u7684\u6295\u8cc7\uff0c\u7576\u6bd4\u4f8b\u8d85\u904e 23% \u6216\u4f4e\u65bc 17% \u6642\u6703\u89f8\u767c\u518d\u5e73\u8861.<\/li>\n\n\n\n<li><strong>20% \u76f8\u5c0d\u5340\u9593<\/strong>\uff1a\u7576\u67d0\u9805\u6295\u8cc7\u7684\u5be6\u969b\u914d\u7f6e\u6bd4\u4f8b\u76f8\u5c0d\u65bc\u5176\u76ee\u6a19\u914d\u7f6e\u6bd4\u4f8b\u8b8a\u52d5 20% \u6642\u89f8\u767c\u518d\u5e73\u8861\u3002\u4f8b\u5982\uff0c\u76ee\u6a19\u914d\u7f6e\u70ba 20% \u7684\u6295\u8cc7\uff0c\u8b8a\u52d5 20% \u7684 20% \u5373\u4e0a\u4e0b 4 \u500b\u767e\u5206\u9ede\uff0c\u7576\u6bd4\u4f8b\u8d85\u904e 24% \u6216\u4f4e\u65bc 16% \u6642\u6703\u89f8\u767c\u518d\u5e73\u8861.<\/li>\n\n\n\n<li><strong>25% \u76f8\u5c0d\u5340\u9593<\/strong>\uff1a\u7576\u67d0\u9805\u6295\u8cc7\u7684\u5be6\u969b\u914d\u7f6e\u6bd4\u4f8b\u76f8\u5c0d\u65bc\u5176\u76ee\u6a19\u914d\u7f6e\u6bd4\u4f8b\u8b8a\u52d5 25% \u6642\u89f8\u767c\u518d\u5e73\u8861\u3002\u4f8b\u5982\uff0c\u76ee\u6a19\u914d\u7f6e\u70ba 20% \u7684\u6295\u8cc7\uff0c\u8b8a\u52d5 25% \u7684 20% \u5373\u4e0a\u4e0b 5 \u500b\u767e\u5206\u9ede\uff0c\u7576\u6bd4\u4f8b\u8d85\u904e 25% \u6216\u4f4e\u65bc 15% \u6642\u6703\u89f8\u767c\u518d\u5e73\u8861.<\/li>\n<\/ul>\n\n\n\n<p>\u7814\u7a76\u8a2d\u5b9a\u7cfb\u7d71<strong>\u6bcf\u5929\u8a55\u4f30\u8cc7\u7522\u914d\u7f6e<\/strong>\uff0c\u4f46\u53ea\u6709\u5728\u5fc5\u8981\u6642\u624d\u9032\u884c\u518d\u5e73\u8861\u3002\u7576\u89f8\u767c\u518d\u5e73\u8861\u6642\uff0c\u8a72\u6295\u8cc7\u7684\u914d\u7f6e\u6bd4\u4f8b\u6703\u88ab\u8abf\u6574\u56de\u5176<strong>\u539f\u59cb\u76ee\u6a19\u914d\u7f6e<\/strong>\uff0c\u800c\u4e0d\u50c5\u50c5\u662f\u56de\u5230\u5bb9\u5fcd\u5340\u9593\u7684\u908a\u754c\u3002<\/p>\n\n\n\n<p>\u6b64\u5916\uff0c\u70ba\u4e86\u9632\u6b62\u6574\u9ad4\u6295\u8cc7\u7d44\u5408\u504f\u96e2\u5176\u76ee\u6a19\u914d\u7f6e\u904e\u9060\uff0c\u5373\u4f7f\u55ae\u500b\u6295\u8cc7\u4ecd\u5728\u5bb9\u5fcd\u5340\u9593\u5167\uff0c\u7814\u7a76\u9084\u8a2d\u5b9a\u5728<strong>\u6bcf\u500b\u6708\u5e95<\/strong>\u9032\u884c\u4e00\u6b21<strong>\u5168\u9762\u7684\u518d\u5e73\u8861<\/strong>\uff0c\u689d\u4ef6\u662f<strong>\u6574\u9ad4\u80a1\u7968\u914d\u7f6e<\/strong>\u76f8\u5c0d\u65bc\u5176\u521d\u59cb\u76ee\u6a19<strong>\u6f02\u79fb\u8d85\u904e 5%<\/strong>\u3002\u9019\u500b\u7a0b\u5e8f\u61c9\u7528\u65bc\u6240\u6709\u56db\u7a2e\u6e2c\u8a66\u7b56\u7565\u3002<\/p>\n\n\n\n<p>\u9019\u9805\u7814\u7a76\u65e8\u5728\u900f\u904e\u6bd4\u8f03\u4e0d\u540c\u518d\u5e73\u8861\u65b9\u6cd5\u7684\u9577\u671f\u56de\u5831\uff0c\u4f86\u89e3\u7b54\u6295\u8cc7\u8005\u95dc\u65bc\u61c9\u8a72\u5141\u8a31\u591a\u5c11\u504f\u96e2\u76ee\u6a19\u914d\u7f6e\u624d\u9032\u884c\u518d\u5e73\u8861\u7684\u554f\u984c\u3002\u7814\u7a76\u7d50\u679c\u5f37\u8abf\u4e86\u7cfb\u7d71\u6027\u518d\u5e73\u8861\u65b9\u6cd5\u7684\u91cd\u8981\u6027\uff0c\u4e26\u5206\u6790\u4e86\u4e0d\u540c\u5bb9\u5fcd\u5340\u9593\u5c0d\u6295\u8cc7\u7d44\u5408\u7e3e\u6548\u7684\u5f71\u97ff\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u518d\u5e73\u8861\u7684\u50f9\u503c<\/h2>\n\n\n\n<p>T. Rowe Price \u7684\u300a<a href=\"https:\/\/www.troweprice.com\/content\/dam\/iinvestor\/resources\/insights\/pdfs\/whats-the-best-approach-for-portfolio-rebalancing.pdf\">What\u2019s The Best Approach for Portfolio Rebalancing?<\/a>\u300b\u5206\u6790\u8868\u660e\uff0c\u518d\u5e73\u8861\u662f\u4e00\u7a2e\u6709\u50f9\u503c\u7684\u7b56\u7565\uff0c\u6709\u52a9\u65bc\u964d\u4f4e\u6295\u8cc7\u7d44\u5408\u7684\u6ce2\u52d5\u6027\u4e26\u53ef\u80fd\u63d0\u9ad8\u9577\u671f\u56de\u5831\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u5728\u9577\u671f\u591a\u982d\u5e02\u5834\uff0c\u518d\u5e73\u8861\u7b56\u7565\u7684\u8868\u73fe\u624d\u6703\u905c\u65bc\u672a\u518d\u5e73\u8861\u7684\u6295\u8cc7\u7d44\u5408<\/h2>\n\n\n\n<p>\u9019\u9805\u767c\u73fe\u662f\u610f\u6599\u4e4b\u4e2d\u7684\uff1a\u5728\u6c92\u6709\u718a\u5e02\u7684\u60c5\u6cc1\u4e0b\uff0c\u6b77\u53f2\u4e0a\uff0c\u66f4\u9ad8\u7684\u80a1\u7968\u914d\u7f6e\u6703\u5e36\u4f86\u66f4\u597d\u7684\u56de\u5831\uff0c\u5373\u4f7f\u9019\u7a2e\u914d\u7f6e\u4e0d\u7b26\u5408\u6295\u8cc7\u8005\u7684\u98a8\u96aa\u627f\u53d7\u80fd\u529b\u3002<\/p>\n\n\n\n<p>\u7136\u800c\uff0c\u50c5\u6839\u64da\u725b\u5e02\u88fd\u5b9a\u6295\u8cc7\u7b56\u7565\u662f\u975e\u5e38\u5371\u96aa\u7684\uff0c\u4e0d\u5efa\u8b70\u9019\u6a23\u505a\u3002\u9078\u64c7\u4e0d\u9032\u884c\u91cd\u65b0\u5e73\u8861\u5f88\u5bb9\u6613\u5c0e\u81f4\u6700\u7d42\u718a\u5e02\u4e2d\u7684\u8868\u73fe\u4e0d\u4f73\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u7814\u7a76\u518d\u5e73\u8861\u7684\u65b9\u6cd5\u8ad6<\/h2>\n\n\n\n<p>\u6bd4\u8f03\u4e86\u56db\u7a2e\u4e0d\u540c\u7684\u518d\u5e73\u8861\u7b56\u7565\uff082% \u56fa\u5b9a\u5340\u9593\u30013% \u56fa\u5b9a\u5340\u9593\u300120% \u76f8\u5c0d\u5340\u9593\u300125% \u76f8\u5c0d\u5340\u9593\uff09\u8207\u4e0d\u9032\u884c\u518d\u5e73\u8861\u7684\u6295\u8cc7\u7d44\u5408\u5728\u904e\u53bb 25 \u5e74\u7684\u5e02\u5834\u6578\u64da\u4e2d\u7684\u8868\u73fe\uff09\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u504f\u96e2\u7387\u8a2d\u5b9a\u591a\u5c11\u8f03\u597d\uff1f<\/h2>\n\n\n\n<p>\u65b9\u5411\u70ba\u8f03\u5bec\u7684\u5bb9\u5fcd\u5340\u9593\u5728\u718a\u5e02\u671f\u9593\u8868\u73fe\u5f97\u66f4\u597d\uff0c\u5728\u91dd\u5c0d 30%\u300160% \u548c 90% \u80a1\u7968\u914d\u7f6e\u7684\u6a21\u578b\u6295\u8cc7\u7d44\u5408\u7684\u5206\u6790\u4e2d\uff0c\u5e73\u5747\u800c\u8a00\uff0c\u5728\u5305\u542b\u718a\u5e02\u7684\u671f\u9593\uff0c\u8f03\u5bec\u7684\u56fa\u5b9a\u5340\u9593\uff083%\uff09\u548c\u76f8\u5c0d\u5340\u9593\uff0825%\uff09\u90fd\u986f\u793a\u51fa\u6bd4\u7a84\u5340\u9593\u548c\u4e0d\u9032\u884c\u518d\u5e73\u8861\u66f4\u9ad8\u7684\u5e73\u5747\u548c\u4e2d\u4f4d\u6578\u5e74\u5316\u56de\u5831\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u5e02\u5834\u56de\u6a94\u671f\u9593\u7684\u518d\u5e73\u8861\u6548\u76ca<\/h2>\n\n\n\n<p>\u5e02\u5834\u56de\u6a94\u671f\u9593\u57f7\u884c\u518d\u5e73\u8861\u6709\u52a9\u65bc\u63d0\u5347\u6295\u8cc7\u7d44\u5408\u7e3e\u6548\uff0c\u5728 60% \u80a1\u7968\u914d\u7f6e\u7684\u6295\u8cc7\u7d44\u5408\u4e2d\uff0c\u4f7f\u7528 3% \u56fa\u5b9a\u5340\u9593\u7684\u5e73\u5747\u5e74\u5316\u56de\u5831\u5728\u718a\u5e02\u671f\u9593\u70ba 6.48%\uff0c\u800c\u6c92\u6709\u518d\u5e73\u8861\u70ba 6.11%\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/pgfinnote.com\/wp-content\/uploads\/image-1057.png\" alt=\"\" class=\"wp-image-33610\"\/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">\u80a1\u7968\u8d8a\u591a\uff0c\u518d\u5e73\u8861\u7684\u50f9\u503c\u8d8a\u5927<\/h2>\n\n\n\n<p>\u7814\u7a76\u9084\u767c\u73fe\uff0c\u518d\u5e73\u8861\u7684\u50f9\u503c\u5728 60% \u548c 90% 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