※ [本文轉錄自 NCUFingrad03 看板]
作者: ctrlC (.....) 看板: NCUFingrad03
標題: [閒聊] Robin Chou英文教室
時間: Sun May 1 10:16:34 2005
http://yam.udn.com/yamnews/daily/2649989.shtml
何謂避險基金？(英漢對照)
Robin K. Chou 周冠男 05/01 03:12
The hedge funds industry is growing fast. According to the Hedgeworld USA
Inc., in 1990, there were about 600 hedge funds worldwide with assets of
approximately $38 billion. As of the end of 2002, there were approximately
6,000 hedge funds with approximately $600 billion in assets under management.
It is projected that the asset size will grow to $1.7 trillion within the
next ten years. Why are hedge funds becoming so popular and what are the
implications of hedge fund investments for individual investors
It is difficult to give an exact definition for hedge funds, but people
seem to know it when they see one. Hedge funds are actively managed pooled
invest-ment vehicles, which are similar to active mutual funds with some
differences in regulations and investment philosophies. The name, “Hedge
Fund”, is usually misleading. Hedge funds can take on a large amount of
risk in their invest-ments.
In the US, hedge funds are offered to less than 500 wealthy individuals and
institutions in order to be exempted from SEC reporting and registration.
This gives hedge funds greater flexibilities in developing or se-lecting
investment strategies than mutual funds. For example, hedge funds can incur
high levels of leverages and engage in active short selling.Hedge funds are
not subjective to ex-tensive reporting requirements as mutual funds. They
are not required to price their shares daily. The ability to redeem shares
by hedge fund investors is limited to a few times a year, where mutual fund
in-vestors are able to redeem their shares everyday. Hedge funds are usually
characterized as lack of transparency as they provide relatively little
reporting to in-vestors and market.
The following are common investment strategies employed by hedge funds:
1. Market Neutral Strategies
Market neutral managers seek to exploit market inefficiencies by setting up
portfolios that are insensitive to general market trends. For example, this
strategy can involve in simultaneous short and long positions in stocks with
similar betas, which make the portfolio beta neutral. Leverage is often
applied to enhance returns.
2. Macro Strategy
The strategy is designed to invest in the world capital and derivative markets,
based on the views of the managers on fu-ture macro economic trends. Long and
short positions in stocks, bonds, currencies, and commodities in the form o
f cash or derivatives instruments reflect such views. These positions are
usually not hedged. Most funds invest globally in both developed and emerging
markets.
3. Long/Short Equity
The long/short equity strategy is a directional strategy, which carries long
and short positions in equity investments, but its objective is not to be
market neutral. For example ,based on their views on performances of different
market sectors, man-agers can shit from a net long to a net short position
among these sectors. Other than sec-tors, managers can also take unbalanced
positions in stocks with different characteristics, such as growth stocks vs.
value stocks, and large firms vs. small firms. Managers may use futures and
options to hedge.
4. Event-Driven Strategy
The strategy is designed to capture abnormal returns in anticipation of
corporate event. For example, in the event of merger and acquisition, the
abnormal returns of the acquired (acquiring) firms are found to be positive
(negative). Thus, when anticipating a merger or acquisition event, managers
can long stocks of the acquired firms and short those of the acquiring firms.
Another popular event is the distress event.
5. Arbitrage Strategy
The arbitrage strategy aims to profit from price anomalies between highly
related securities. If the convertible bonds of a firm are selling at
discounts relative to its stocks, managers can profit by buying convertible
bonds and selling stocks or preferred stocks of the same firm simultaneously.
（Associate Professor of Department of Finance, National Central U-niversity）
避險基金正在迅速地成長當中。根據美國Hedgeworld公司的調查顯示，1990年時，全
世界的避險基金約有600個左右，資產總值約380億美金。到了2002年底，運作中的避
險基金成長到6,000個，資產總值約6,000億美金。預估避險基金的資產規模在10年內
將成長到1.7兆美金。為何避險基金會如此的受歡迎？而避險基金對個人投資戶來說，
又蘊涵了什麼樣的意義？
要對避險基金下一個精確的定義是很困難的，但當人們一看到它，似乎就會知道那是什
麼。避險基金是一種積極管理共同資金的投資工具，與一般主動式管理的共同基金在法
律規範與投資策略上有些不同。『避險基金』一詞，光看字面上的意義很容易誤解。事
實上，避險基金的投資可能承擔了相當高的風險。
在美國，為了規避向美國證管會登記與公開揭露資訊的規範，避險基金只提供給不超過
500個富有的個人與機構投資者。這使得避險基金在開發或選擇投資策略時，比起一般的
共同基金有更大的彈性。舉例來說，避險基金可能採用高財務槓桿以及積極的放空策略
，不像一般的共同基金受制於必須公開揭露資訊的規範，此外避險基金也不需要每天計
算淨值。避險基金投資人每年能夠贖回其部位的次數有一定的限制，而一般的共同基金
投資人則每天都能夠任意贖回其投資部位。避險基金通常都具備資訊不透明的特徵，因
為他們極少對投資人與市場揭露資訊。
以下是一些常用的避險基金投資策略：
1.市場中立策略
經理人利用市場的不效率性尋求獲利機會，亦即建立與市場走勢不相關的投資組合。
例如，此投資策略利用同時買入及賣出具有相似Beta值的股票部位來建立Beta值為零的
投資組合。此外，財務槓桿經常用於此策略來提高基金報酬。
2.總體策略
本策略係根據經理人對總體經濟趨勢的看法，投資於全球資本及衍生性商品市場。這些
主觀的看法會被反映在利用現金或衍生性商品工具買進及放空股票、債券、貨幣及商品
部位的投資行為上，而這些部位通常並未另外進行避險。大部分基金都會投資於全球已
開發及新興市場。
3.股票多空策略
股票多空策略為一具方向性策略，經理人投資於股票的多頭和空頭部位，但目標並不是
要達到市場中立。舉例而言，經理人根據對各個市場表現的看法來調整其對這些市場部
門投資的淨部位。除了以不同的市場部門作為投資的依據外，基金經理人也會依據個別
股票的特性，如成長型股票或價值型股票、大公司或小公司的不同，來決定對個別股票
投資部位的多寡。經理人亦可利用期貨與選擇權來做避險。
4.事件導向型策略
本策略是設計來捕捉對於公司事件預期的異常報酬。舉例來說，在購併事件發生時，我
們可以發現，被購併(購併)公司經常會有正(負)的異常報酬。因此，當經理人預測到將
會有購併事件發生時，就會事先買入被購併公司的股票，並放空購併公司的股票。另一
常見事件為公司危難事件（如公司破產或進行重整時）。
5.套利策略
套利策略的目的在於經由一些高度相關股票之間的價格偏離來獲取利潤。例如，當一家
公司的可轉換公司債價格較其股票價格處於折價狀態時，則執行此策略的基金經理人可
以利用同時買進同一家公司的可轉換公司債與放空股票或特別股來獲利。
（作者是中央大學財金系副教授）
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