To flushes the fund club

   To flushes the fund English name is Hedge Fund, Italy is the "risk to fund" which breaks through, origins to the beginning of the 50's US. Its operation objective, lies in using finance and so on stock, time power grows the product as well as to the different stock which is connected really carries on 买空 sells, the risk to the operation skill which flushes, may dodge and melt the investment risk in the certain degree.

 In is most basic to flushes in the operation, the fund superintendent after buys into one kind of stock, simultaneously buys into this kind of stock a fixed price position and the effectiveness for a period of time is expected to fall the time power (Put Option). Is expected to fall time power effectiveness to lie in when the stock ticket price position falls the broken time power definition price, the seller time power holder may the stock which has the hand in the price which defined by the time power sell, thus enable the risk which the stock falls in price to obtain to flushes. To flushes in the operation in another kind, the fund supervisor first designated some kind of quotation is expected to rise the profession, buys up this profession several high quality stocks, simultaneously sells in this profession by the certain ratio several inferior stocks. So combines the result is, if this profession anticipated performance is good, the high quality stock increase scope must surpass other colleague's industry stocks, will buy up the high quality stock the income to be bigger than sells short the inferior stock the loss; If the anticipated mistake, this profession stock does not rise instead falls, then the worse company's stock decline range must be bigger than the high quality stock, then sells the blank disk mouth institute to attain the profit to have to be higher than buys up the loss which the high quality stock falls creates. The because of this operation method, the early time to flushes the fund to be allowed to say is one kind based on 避险 guarantees the value the conservative investment strategy fund management form.

After several dozens years evolution, to flushes the fund to lose its initial risk to the connotation which flushes, to flushes the fund to become one kind of new investment pattern the pronoun. Namely based on the newest investment theory and the complex money market operation skill, fully uses each kind of finance to grow the product release lever effectiveness, undertakes the high risk, pursues the high income the investment pattern.

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译:对冲基金的英文名称为Hedge Fund,意为"风险对冲过的基金",起源于50年代初的美国。其操作的宗旨,在于利用期货、期权等金融衍生产品以及对相关联的不同股票进行实买空卖、风险对冲的操作技巧,在一定程度上可规避和化解投资风险。

在最基本的对冲操作中,基金管理者在购入一种股票后,同时购入这种股票的一定价位和时效的看跌期权(Put Option)。看跌期权的效用在于当股票价位跌破期权限定的价格时,卖方期权的持有者可将手中持有的股票以期权限定的价格卖出,从而使股票跌价的风险得到对冲。在另一类对冲操作中,基金管理人首先选定某类行情看涨的行业,买进该行业几只优质股,同时以一定比率卖出该行业中几只劣质股。如此组合的结果是,如该行业预期表现良好,优质股涨幅必超过其他同行业的股票,买入优质股的收益将大于卖空劣质股的损失；如果预期错误,此行业股票不涨反跌,那么较差公司的股票跌幅必大于优质股,则卖空盘口所获利润必高于买入优质股下跌造成的损失。正因为如此的操作手段,早期的对冲基金可以说是一种基于避险保值的保守投资策略的基金管理形式。

经过几十年的演变,对冲基金已失去其初始的风险对冲的内涵,对冲基金已成为一种新的投资模式的代名词。即基于最新的投资理论和复杂的金融市场操作技巧,充分利用各种金融衍生产品的杠杆效用,承担高风险、追求高收益的投资模式。