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Recently, a large number of warrants of high-quality companies such as Changdian, Baosteel and China Merchants Bank have been listed, and the creation warrants of many securities companies have also been distributed in large quantities. At the same time, many fund companies are preparing to launch capital guaranteed funds. Financial experts pointed out that the most appropriate strategy in this period is to choose a capital guaranteed fund specifically for warrants to invest, which is expected to hedge investment system risks.
The preferred partner of the principal guaranteed fund's warrant portfolio
Wu Haiming, the venture capital director of Beijing Taihe Investment Consulting Co., Ltd., said that the principal guaranteed fund is a special fund with risk locking and expected to increase returns. For the income principle of this kind of fund, what is the principal guaranteed fund manager of Cathay Pacific Jinlu? It was explained that the principal safety was the primary consideration for capital guaranteed fund investment, and then asset appreciation would be considered. Taking the latest Cathay Pacific Jinlu Principal Guaranteed Fund as an example, it adopts an investment strategy combining fixed proportion portfolio insurance technology and option based portfolio insurance technology. The proportion of investment in fixed income securities shall not be less than 60% of fund assets, the proportion of investment in stocks, warrants and other assets shall not be more than 30%, and the proportion of investment in cash or government bonds with maturity within one year shall not be less than 5%
Recently, many fund companies are preparing to launch capital guaranteed funds for warrants. In fact, capital guaranteed funds have always been the preferred partner of warrant investment portfolio in foreign countries. Moreover, the more diversified the warrant varieties are, the greater the portfolio investment income obtained by the principal guaranteed fund will be.
Hedging risk of warrant portfolio
The principal guaranteed fund for warrants is to buy put options (warrants and put warrants) corresponding to the stock portfolio while buying stocks. When the break even period expires, if the stock price in the portfolio rises, the option will be abandoned to enjoy the benefits brought by the stock rise, otherwise, the option will be exercised.
For the warrant portfolio, the maximum expected loss is equal to that the purchase cost of the warrant is much lower than the purchase price of the corresponding stock; The expected return of warrants has a strong correlation with the expected return of positive shares, so the replacement of positive shares by warrants is a common investment choice of principal guaranteed funds.
Put warrants are not used alone in the principal guaranteed fund. They are invested together with the corresponding positive shares. Invest a put warrant and a positive share at the same time, and the lower risk of the positive share will be completely offset by the put warrant.
Break even and add value with CPPI technology
Capital guaranteed funds for warrants are more suitable for adopting a series of new investment strategies, such as adopting internationally accepted CPPI technology to achieve capital guaranteed appreciation. What? That is to say, the fixed return part of the safe assets in the portfolio is invested in risk assets. For example, if the coupon rate of a 2-year bond is 3%, the principal guaranteed fund will invest 3 yuan of the coupon rate of the bond in risk assets such as stocks and warrants. If 3 yuan is totally lost, it will not hurt the principal. Moreover, as long as a certain stop loss strategy is adopted, investment can be amplified. For example, the manager believes that the maximum potential loss limit of a stock in the next three months is 20%, and the maximum potential return is 100%. The principal guaranteed fund will increase the amount of 3 yuan by 5 times, invest 15 yuan in the stock, and stop losing 3 yuan as long as the loss is 20%. Even so, it will not affect the safety of the principal, but if it is profitable, it may achieve up to 100%, that is, a huge income of 15 yuan.
In sharp contrast to the return of principal guaranteed funds for warrants, the Shanghai Stock Exchange Index ( information quotation forum ) When the stock fund falls by 15%, investors have a large investment loss, some of which reach more than 10%, and nearly 2/3 of the net value of the fund falls below the face value. (Editor: Wang Yanyan)
Sina statement: The content of this article is purely the author's personal view, only for investors' reference, and does not constitute investment advice. Investors operate accordingly at their own risk.
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