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Portfolio of stock index futures funds are used ? ? Click to enter &quot;&quot; &quot;&quot; great wisdom official franchised store products 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 &quot;category bond&quot; 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&#39;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 &quot; technical content &quot;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&#39;s market volatility is much higher than mature markets, from option pricing theory, easy to see that puts a higher value, which is &quot;playing the new&quot; 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 &quot;crash.&quot; 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&#39;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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