"Fund uthango": indlela izifundo umsebenzi angakha ukunciphisa imingcipheko

Ukuziqhelisa angaphandle, ibinzana elithi "fund uthango" iye yasetyenziswa iminyaka engaphezu kwama-50, kodwa ngoku, iingcali ezininzi bakufumanisa kunzima ukunika inkcazo ngqo eli ziko-mali. Ingxaki siyifumana ezahlukeneyo ubuchule kunye nezixhobo ezisebenzisa iintlobo-mali uthango, njengoko ngabalawulwa umsebenzi wotyalo-mali, ngoko ke ivela ibe kwakunzima ukulungiselela yonke imisebenzi yawo definition mnye.

Umahluko ezibalulekileyo mali yotyalo zemveli - ukukwazi ukusebenzisa iindlela ezizezinye ezifana lokuthengisa elifutshane. Oku kuthetha ukuba ingxowa-mali yengeniso hedge unalo unxulumano osezantsi kakhulu umkhuba kwimarike, ngokuchaseneyo eqhelekileyo. Ukongeza, kukho ingxowa-mali uthango iyakwazi ukwenza ingeniso, kuquka imarike esiwa, ukuba imali kuphela ngokhuselo kodwa ezimalini nezakhi, ngoko hedge fund industry yi owahlukeneyo kakhulu kwisicwangciso kuhlalutyo njengoko izicwangciso zazo ezahlukeneyo iintlobo zezinto kunye nezifundo zomsebenzi mali.

Uxanduva izifundo zemisebenzi utyalo-mali, kwaye amaqela mali ngothango kuquka, ibonisa indlela kwizifundo zemisebenzi mali zixhomekeke enye okanye ezinye iingozi.

Ukutyala imali kwimarike zemali Russian ingabalelwa iqela izicwangciso zobuchwepheshe kunye notyalo-mali kwiimarike asakhasayo. Ukusasazwa ukusebenza mali hedge kusetyenziswa esi sicwangciso, uye kuphela enyangweni ecaleni, kodwa kurtosis liphezulu. izifundo zeMveli womsebenzi investment ngokuxhomekeke eziqhubekayo ezifana kwakunye mali uthango.

Ngokwemveli, imali uthango zijongwa amaziko zemali kunye emngciphekweni omkhulu, yaye ekuqaleni ilungiselelwe abantu abazizityebi. Umdla ephambili abatyali yamaziko kule mali uthango emva kweminyaka emithathu market "bear" ngo-2000-2002 weza., Xa stock nokuzikhanyeza iimarike azikho inzuzo, ngokuchaseneyo hedge fund industry. Imeko efanayo inokubonakalisa ngexesha xa enkulu abatyali lweziko aqalile ukukhangela amathuba ukutyala imali uthango.

Ukuze uhlaziye amathuba ekunciphiseni ubungozi portfolio ngokusebenzisa utyalo-mali ngothango, ungenza zicamange mali yezinto entlantlu ngokupheleleyo "X"-mali efanayo. Le ngxowa-mali amele ezijolise ukufumana ulonwabo inzuzo ngenxa iimeko zeemarike ixabiso lemarike ezinikwa ungeniselo lwayo xa imali iintlobo ngeentlobo zezixhobo ityala, ubukhulu becala, nasezintanjeni kweentlobo ezahlukeneyo kunye neenjongo. Ukukhethwa kweentlobo ezithile izibambiso ukuphumeza isicwangciso okunjalo kwenzeka ngenxa yokuba uhlalutyo eneenkcukacha yokusebenza lekhredithi umnikeli ngokusekelwe kulindeke amathuba kufuneka sihlolwe ngakumbi ezintle kubungozi bamatyala, kwakunye ukwandisa ukalisho kwiimeko zemarike. Ngoko ke, ekubeni into zotyalo-bonds, izinto umngcipheko-mali yotyalo-mali lingaphantsi koko le a th index.

Uhlalutyo lubonisa ukuba imali uthango unako kwaye kufuneka zijongwe njengezixhobo mali ukuba izifundo ezenziwa mali unako ukwenza ukwandisa kakhulu imbuyekezo ipothifoliyo ukunciphisa ingozi. Kukho amathuba enkulu kubaphathi bengxowa-mali hedge kwi indlela yenkqubo ukuya guqulo portfolio yayo, kuthathelwa ingqalelo unxulumano phakathi mali hedge usebenzisa iindlela ezahlukeneyo kunye nezixhobo ukuphumeza ekunciphiseni ubungozi ebalulekileyo ekuphuculeni ireshiyo lomngcipheko / ukubuya.

Ukusetyenziswa kobugcisa enjalo kunye nezibonelelo ubukhulu becala kwakhona ukwandisa kunye Ukwahluka ngenxa yotyalo kuba ngabalawulwa lo msebenzi.