129773184442656250_124Hexun homepage established mobile phone version of the stock/fund micro-blogging news blog news from national debt debt notices thematic analysis column scrolling list of bond market bond index bond curve of convertible bondsAnalysis buy-Enterprise debt index daily return yields subscription rate of introduction to calculate yield to maturity rate Wikipedia Forum blog Sharon hexun.com bond a financial calendar > body font size print RSS on March 26, 2012:36lai source: China Securities journal since January last year, the first collection of quantitative brokers financial products since the founding of first capital securities seek Jin Jin Yi, Trojan 6 brokerages issued 12 currently on the market such products (products that are still running 11, seeking gold on February 7 this year cleared Jin Yi). Compared to more than 170 units of mixed-brokerageCollection products, quantitative products are still a minority, and the product is relatively small. Grand quantified initial establishment of guotai Junan securities, the largest scale for only $ 508 million, size has been reduced to $ 235 million in late 2011. Zhejiang jinhui zheshang securities arbitrage a 1TH and first capital securities, payment policy and enjoy the small and medium-sized brokerages, such as products, set up a size just slightly more than couponsCollections financing minimum threshold of $ 100 million lines. Seen from a specific strategy, issued these quantitative product to market neutral arbitrage strategies and, according to overseas authoritative study on hedge fund strategies Division, are part of market neutral strategies in stock market. This policy has fully hedge against market risks
diablo 3 gold, and there is only a minimal risk of exposure, advantage that almost withoutTo the volatility of the market, just capture the market price deviation or arbitrage opportunities, but the disadvantage that the technical threshold high, income and directly linked to the quality of the model. In order to be more intuitive to understand the benefits of this type of product features, we take the 12 collection financial products only as a sample of the brokers ' (market-neutral) index, seeking to first market-neutral products Jin Yi JinInception date of January 21, 2011 for the base period. As you can see
star wars credits, financing the collection of securities companies (market neutral) index is largely a straight line, fluctuation extremely small, mixed collection of brokerage products in General and share financing (mixed unit) index volatility, and high market relevance. For example, due to poor market conditions in the second half of last year, stocks mixed brokerage products most of the market decreased byA loss, in this context, market-neutral product performance is outstanding with low risk. Collection of four quarter brokerage wealth management (market-neutral) index, rose 1.09%
diablo 3 power leveling, inverse, collection financial and securities firms (mixed unit) index 13.78%. But the market upturn this year, market-neutral product performance is lagging stocks mixed brokerage products, broker in the first two months of this year set a reasonableFinance (mixed unit) index 3.54%, collection financial and securities firms (market-neutral) index rose just 0.74%. From the individual product performance, guotai Junan securities arbitrage series you enjoy most of its outstanding, 5 product yields of more than 4 years in 6%, which you carry 1th yield on the number of years since the establishment of 7.92%, ranking 111th.
����The products portfolio Beta value of control between-0.3 per cent, in the use of systemic hedge market risks as far as possible on the basis of quantities of stock picks and strategies such as index arbitrage, obtain long-term steady absolute returns. Domestic products with a short history, from the long history of overseas market-neutral hedge funds performance, the strategic Fund closedSlightly related benefits and market good or bad, but how relevant is not high. HedgeFundResearch (HFR) stock market neutral HFRI index compiled by, for example, from the end of 2007 to February 2009, because of the financial crisis-p 500 fell 49.68%,HFRI the stock market neutral index fell by only 6.61%This market quickly rebounded after, until the end of April 2010 p 500 rose 61.43%, and HFRI index of stock market neutral only up 2.94%. Long term composite return, if a ten-year study on the interval, during the ten-year bull market from 1990 to 1999, p 500 rose 315.75%And rising stock market neutral index HFRI 189.85%, annualised yield 6.62%; 11 years from 2000 to 2011, p 500 fell 14.40%,HFRI the stock market neutral index 51.83%, annualised yields 3.87%. In other words, market-neutral hedge funds generally annualized yieldsCan stay in-4%, neutral broker product performance for more than half the domestic market within this interval. As a class of low-risk products, market neutral products and bond products are there differences? Our recent years (by the end of February) risk-return indicators calculation of bond products. As most of the market-neutral product set up time is short, so IBrokers set financial (market-neutral) index as a representative of this type of product. As you can see, market neutral products over the past year earnings average levels higher than bond products, risks are lower. Even from the perspective of data for the past three years, broker bond compound annual rate of return of only 1.59%, and the fluctuation rate reached 1.58%, although part of the debtCoupon product because of the small amounts involved in stock market investment, and increased volatility in the net, but there is no denying that is, market neutral products risks products smaller than bonds, but yields may be higher, this is undoubtedly better investment options are open to conservative investors. Despite the birth of more than a year, but market-neutral products remain fresh in ChinaMost investors are still not familiar with. First market-neutral broker gold profit seeking gold in running a year later, on February 7 notice termination of liquidation, termination of scale only $ 21 million, well below the minimum asset threshold of $ 100 million. With a low risk characteristics of such products, in fact, is a valuable addition for high-end financial markets, high net worth investors for risk-averse.
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