衡量和管理投資風(fēng)險-資料下載頁
2025-04-09 07:23本頁面
【正文】 ehicle like an index fund or an exchange trade fund ETF) you might pay 1520 basis points in annual management fees, while for a highoctane hedge fund you would need to shell out 200 basis points in annual fees plus give 20% of the profits back to the manager. In between these two extremes lie alternative approaches bining active and passive risk management.之間存在的消極和積極的風(fēng)險所作決定的經(jīng)濟后果。在一般情況下，更積極的投資策略（越阿爾法基金經(jīng)理的目的，是生成），更是一種投資者需要支付暴露于這一戰(zhàn)略。它有助于在頻譜方面想從一個純粹被動的做法。例如，購買并持有的投資轉(zhuǎn)化為標(biāo)準(zhǔn)普爾500代理 如采用復(fù)雜的對沖交易策略涉及高資本承擔(dān)及交易費用基金一直到一個非常積極的態(tài)度。對于一個像指數(shù)基金或交易所交易基金ETF的），你可能會在每年的管理費支付1520個基點純粹被動的車輛，同時又為高辛烷值的對沖基金則需要掏出在加上每年收費200個基點給20的利潤返回到經(jīng)理％。這兩個極端之間的各種途徑在撒謊主動和被動相結(jié)合的風(fēng)險管理。The difference in pricing between passive and active strategies (or beta risk and alpha riskrespectively) encourages many investors to try and separate these risks: . to pay lower fees for the beta risk assumed and concentrate their more expensive exposures to specifically defined alpha opportunities. This is popularly known as portable alpha, the idea that the alpha ponent of a total return is separate from the beta ponent.在被動與主動之間的戰(zhàn)略（或β和α風(fēng)險的風(fēng)險分別定價的差額）鼓勵許多投資者試圖分開這些風(fēng)險：即，支付的測試費用和承擔(dān)的風(fēng)險降低他們的更昂貴的集中暴露，明確界定阿爾法機會。這是普遍的便攜式阿爾法眾所周知，想法，一個總回報alpha組件是分開的測試組件。For example a fund manager may claim to have an active sector rotation strategy for beating the Samp。P 500 and show as evidence a track record of beating the index by % on an average annualized basis. To the investor, that % of excess return is the manager39。s value the alpha and the investor is willing to pay higher fees to obtain it.The rest of the total return, what the Samp。P 500 itself earned, arguably has nothing to do with the manager39。s unique ability, so why pay the same fee? Portable alpha strategies use derivatives and other tools to refine the means by which they obtain and pay for the alpha and beta ponents of their exposure.例如，一個基金經(jīng)理聲稱，％的平均按年率計算該指數(shù)的紀(jì)錄。對于投資者來說，％的超額收益是基金經(jīng)理的價值 阿爾法 和投資者愿意付出較高費用，以獲得它。在總回報，什么標(biāo)準(zhǔn)普爾500指數(shù)本身賺取的休息，可以說沒有任何關(guān)系與經(jīng)理的獨特能力，為什么付出同樣的費用？可攜阿爾法策略的使用衍生工具和其他工具，以改進他們的手段獲取并支付其暴露alpha和測試組件。Conclusions 結(jié)論Risk is inseparable from return. Every investment involves some degree of risk, which can be very close to zero in the case of a . Treasury security or very high for something such as concentrated exposure to Sri Lankan equities or real estate in Argentina. Risk is quantifiable both in absolute and in relative terms. A solid understanding of risk in its different forms can help investors to better understand the opportunities, tradeoffs and costs involved with different investment approaches. 風(fēng)險是分不開的回報。每個投資涉及某種程度的風(fēng)險，可以在一個安全的美國國債或非常高的東西的情況非常接近零，如集中暴露在斯里蘭卡股票或在阿根廷房地產(chǎn)。風(fēng)險是可以量化無論在絕對值和相對而言。阿在其不同形式的風(fēng)險有了正確的認(rèn)識可以幫助投資者更好地了解機會，貿(mào)易平衡和不同的投資方法涉及的費用。9 / 9
公司管理相關(guān)推薦
鄂ICP備17016276號-1