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Portfolio of stock index futures funds are used

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					Portfolio of stock index futures funds are used
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Traditionally, stock index futures can be divided in accordance with the purpose of
speculation, hedging, arbitrage three categories, which are hedging and arbitrage of
the current scope of the current portfolio. In addition, the combination of positive
combination of cash built the Alpha index futures investment strategy of the current
portfolio is an important part. On to day, short-term transaction-based speculative
trading, the account size required to maintain sufficient funds to seize trading
opportunities that may arise at any time. Therefore, the speculation inside and outside
the transfer of funds in the account the opportunity cost of a higher, usually not a good
choice, but also problems in the use of funds does not exist. However, the current
portfolio of investments, the funds use is a problem can not be ignored.
Specifically, although the portfolio of futures account is also a need to retain a certain
amount of money, as the margin of the preparation, but the position of the current
portfolio of positions in the relatively long time. As the cash yield is very low, if held
too long the cash account is bound to affect its overall performance. Therefore,
reasonable assurance that the short futures position can be maintained under the
premise of the need for more effective use of funds to improve the overall portfolio
yield. For most professional expertise, investment channels broader institutional
investors, raising capital efficiency should not be a problem. However, the majority of
participating stock index futures investors, high net worth individuals, their relatively
limited use of capital channel. At the same time, due to the CSI 300 Index futures
contract larger, participation threshold is higher, and the effect of the current portfolio
and fund scale is also closely related, so the cash position corresponds to a larger scale,
those benefits increase funding 利用 The potential benefits were also increased.
Use of funds in the choice of the time, liquidity, expected rate of return and risk are
three important factors to consider. Below, in accordance with the risk from low to
high order, short-term funds of several common methods and their respective
advantages and disadvantages of using a more detailed analysis.
Bonds and treasury bonds repurchase transactions
Zero default risk as a theory of investment instruments, bonds in general can serve as
a good substitute for cash. Currently both the Shanghai and Shenzhen Stock Exchange
market, bonds trading, transaction costs, without considering the circumstances, its
yield to maturity more than 2% -3%, and with roughly the same one-year deposit rates
were significantly higher than the current deposit rates. If we consider transaction
costs, its yield is slightly less than one year time deposits.
However, short-term use of funds for investment in government bonds may not be a
good choice. First, the yield to maturity achieved on the premise that the bonds held
to maturity. As the exchange market, most of the less liquid bonds, the day only a few
transactions, so funds need to take out short-term impact of significant cost, may
actually profitable. Second, interest rate risk is the greatest threat to investment in
government bonds, each time interest rates will rise to the rumor down the bond
market, increased uncertainty in the current macroeconomic situation, interest rate
risk would undoubtedly increase significantly, thereby further reducing the national
debt investment attractive. Finally, as the bond transaction price is net price and the
actual cost of the full price of the settlement price, the more complex settlement
mechanisms are often not familiar with the bond market so that investors suffer. In
summary, investors choose bonds as short-term investment instruments need more
cautious.
For the high net worth individual investors, the exchange market, there is a class of
more attractive "category bond" short-term investment
instruments - bond repurchase transactions. The national debt currently on the market
repo 1 day, 2 days, 3 days, 4 days, 7 days, 14 days, 28 days, 91 days, 182 days, etc. 9
varieties, but usually only GC001 (1 day Treasury repurchase ) and GC007 (7 day
Treasury repurchase) of active trading. Which, GC001 short-term risk-free investment
as the ideal tool. As individual investors can only reverse repurchase transactions, the
direction of a sale transaction. Tong Chang lending out money day after day Ke for
securities investment, purchase of new shares or re 拆借, but can not account for the
removal from the Zheng Quan, although this Yintouzizhe securities companies
account a difference in difference.
Bond repo transactions should be said that the risk is almost zero, GC001 usually
meet the liquidity needs of investors in the transaction, its only drawback is that yield
is slightly lower, but still have an absolute advantage in comparison with demand
deposits.
Ultra-short-term bank financing products
Investor demand for liquidity management, and many banks have developed over the
corresponding short-term financial products. These financial products are usually
expected to yield between 1.2% -1.5%, and GC001 close. Since most of these
products through Internet Banking purchase and redemption, and therefore its
mobility compared with the GC001 and even a slight edge.
However, while the bank's ultra-short-term financial products most of the
investment in money market instruments, but there is still some potential risks,
investors need to focus on whether the agreement terms of capital preservation. In
addition, investing in such products often require in the securities / futures accounts
and online banking transfers back and forth between accounts, potentially increasing
operational risk.
Subscription of new shares
IPO in 2009, restart the system after the reform and the IPO, the issue of new shares
priced basically realized the market, the stock market expansion has greatly
accelerated the pace. Internet IPO after the reform a success rate increased
significantly, but as the issue price and issue price-earnings ratio increased
substantially below the IPO issue price on the first day the situation also occurs,
which makes the current subscription of new shares to become a rather "
technical content "and challenging the use of funds approach. IPO share
the most attractive features is undoubtedly the relatively high expected rate of return,
in the current market environment for new shares issued under intensive especially.
High expected rate of return to a large extent make up for its relative lack of liquidity
and higher risks.
In theory, the new shares subscription of the higher rate of return has a solid
foundation, which is the current release mechanisms, new issues are divided into
online and offline agencies placing purchase of two parts, with an account can only
choose between the two. As the IPO price is offline subscription agencies offer
placement decisions, and placement of this part of the stock with three-month lock-up
period, so Wang Shang equivalent to Zai in the ballots to be stock investors while
placing agency under the Department from the net additional to obtain a duration for
the three months, the Executive price of the market price of American put option,
subscription of new shares expected rate of return should be roughly equal to the
value of this option. Since China's market volatility is much higher than
mature markets, from option pricing theory, easy to see that puts a higher value,
which is "playing the new" boom continues unabated in the
important reason.
Although the subscription of new shares in a single sign or not, income level and
more random luck involved, but if the subscription of new shares as a way of
continuing the use of funds, then over a long period, as long as no new shares issued
during the rhythm major change, of new shares subscription certainty expected rate of
return should be stronger, and will increase with the subscription funds to improve. In
fact, the IPO market to the present should assume the functions of the corporate bond
market, which is Taiwan who all bonds and fixed-income money management website,
the Forum is to purchase new shares discussed as an important reason. Because of
portfolio investors are generally more available funds, the expected return of certainty
not a big problem.
Restart from the last IPO situation so far, to have a certain amount of funds investors,
IPO share capital as a long-term use patterns of the expected annual rate of earnings
should be roughly 在 8-10% range. Of course, if investors purchase a certain amount
of new shares tips and more effort put into the analysis, entirely possible to achieve a
higher rate of return. In the process of subscription of new shares to pay attention to
several points: 1. To avoid the "crash." 2. The success rate and
yield trade-off. 3. Financial Analysis. 4. Shares of the high expected rate of return will
often purchase the most when the market downturn, the most pessimistic
circumstances arise, because this case, the allocation rate is often high.
Closed-end fund investment
If the combination of investors are optimistic about short-term market movements, the
fund closed-end funds can also be used as an option. Because closed-end
fund's movements are closely connected with the broader market, the risk
is undoubtedly the largest in several ways. At the same time, closed-end funds are a
strong liquidity and discount rate, the higher position limits to protect the expectations
of revenue in three ways it can not be replaced with other unique advantages.

				
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posted:9/1/2010
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