صندوق تحوط
صندوق التحوط، هوصندوق استثمار لنطاق محدود من المستثمرين والذي يسمح بالقيام بمجموعة واسعة من الاستثمارات والأنشطة التجارية عن صناديق الاستثمار الأخرى، ويقوم المستثمرون بدفع رسوم الأداء إلى مدير الاستثمار. لكل صندوق تحوط إستراتيجية خاصة به تحدد أنواع وطرق الاستثمار الخاص به. صنادق التحوط، هي نوع، من الاستثمار يتضمن الحصص، الديون، والسلع.
التاريخ
عالم الاجتماعي، المؤلف، والصحفي المالي ألفريد و. جونس يرجع إليه الفضل في إنشاء أول صندوق تحوط عام 1949. Jones believed that price movements of an individual asset could be seen as having a component due to the overall market and a component due to the performance of the asset itself. To neutralize the effect of overall market movement, he balanced his portfolio by buying assets whose price he expected to be stronger than the market and selling short assets he expected to be weaker than the market. He saw that price movements due to the overall market would be cancelled out, because, if the overall market rose, the loss on shorted assets would be cancelled by the additional gain on assets bought and vice-versa. Because the effect is to 'hedge' that part of the risk due to overall market movements, this became known as a hedge fund.
حجم الصناعة
| قاعدة البيانات | عدد الصناديق العاملة | المسقط الإلكتروني |
|---|---|---|
| مورنينگستار ألتڤست | 8200[] | www.altvest.com |
| بارلكلي هدج | 5648[] | www.barclayhedge.com |
| لپر تاس | 7000[] | www.hedgeworld.com |
| هدج فند دوت نت | 7450[] | www.hedgefunds.net |
| هدج فند ريسرش | 7500[] | |
| اريكاهدج | 8232[] | www.eurekahedge.com |
| CASAM CISDM | 4166[] | www.casamhedge.com |
الرسوم
يحصل مدير صندوق التحوط على رسوم الادارة ورسوم الأداء (وتعهد أيضا بالرسوم الحافزة) من الصندوق. وقد يتقاضي المدير رسوما ما بين "2 و20"، والتي تشير إلى رسوم الإدارة بنسبة 2% من صافي قيمة الأصول سنوية ورسوم الأداء بنسبة 20% من أرباح الصندوق.
رسوم الإدارة
As with other investment funds, the management fee is calculated as a percentage of the fund's net asset value. Management fees typically range from 1% to 4% per annum, with 2% being the standard figure. Management fees are usually expressed as an annual percentage but calculated and paid monthly or quarterly.
The business models of most hedge fund managers provide for the management fee to cover the operating costs of the manager, leaving the performance fee for employee bonuses. However, in large funds, the management fees may form a significant part of the manager's profit.
رسوم الأداء
Performance fees (or "incentive fees") are one of the defining characteristics of hedge funds. The manager's performance fee is calculated as a percentage of the fund's profits, usually counting both realized and unrealized profits. By incentivising the manager to generate returns, performance fees are intended to align the interests of manager and investor more closely than flat fees do. In the business models of most managers, the performance fee is largely available for staff bonuses and so can be extremely lucrative for managers who perform well. Several publications publish annual estimates of the earnings of top hedge fund managers. Typically, hedge funds charge 20% of returns as a performance fee. However, the range is wide with highly regarded managers charging higher fees. For example Steven Cohen's SAC Capital Partners charges a 35-50% performance fee, while Jim Simons' Medallion Fund charged a 45% performance fee.
Performance fees have been criticized by many people, including notable investor Warren Buffett, who believe that, by allowing managers to take a share of profit but providing no mechanism for them to share losses, performance fees give managers an incentive to take excessive risk rather than targeting high long-term returns. In an attempt to control this problem, fees are usually limited by a high water mark.
As the hedge fund remuneration structure is highly attractive it has been joked that hedge funds are best viewed "... not as a unique asset class but as a unique ‘fee structure’".
High-water marks
معدلات هردل
رسوم الانسحاب/الاسترداد
الاستراتيجيات
Global macro
الاتجاهي
=Event-driven
القيمة النسبية
متفرقات
مخاطر صندوق التحوط
بنية صندوق التحوط
المقر
Investment manager locations
الكيان القانوني
Open-ended nature
Side pockets
الصناديق المدرجة
قضايا تنظيمية
التنظيمات الأمريكية
المقارنة مع صناديق الأسهم الخاصة
المقارنة مع صناديق الاستثمار الأمريكية
Offshore regulation
Proposed US regulation
Hedge fund indices
Non-investable indices
Investable indices
Clone indices
مناقشات ومجادلات
Systemic risk
الشفافية
قدرة السوق
التحقيقات الأمريكية
قياس الأداء
Value in mean/variance efficient portfolios
أبرز صناديق التحوط
- Amaranth Advisors
- Bridgewater Associates
- Citadel Investment Group
- د. إ. شو
- مجموعة فورترس الاستثمارية
- GLG Partners
- Long-Term Capital Management
- مجموعة مان
- Marshall Wace
- Renaissance Technologies
- Soros Fund Management
- The Children's Investment Fund Management (TCI)
المصادر
- ^ AIMA Roadmap to Hedge Funds
- ^ http://www.nytimes.com/2007/03/04/business/yourmoney/04stra.html?ref=yourmoney New York Times, "2 + 20, And Other Hedge Math", Mark Hulbert, March أربعة 2007.
- ^ http://www.ft.com/cms/s/0/cf7f91e2-f3f0-11dd-9c4b-0000779fd2ac.html Financial Rimes, "Hedge fund investors have a great chance to cut fees", James Mackintosh,ستة February 2009.
-
^ "Trader Monthly's Top 100 for 2007 Unveiled". 1440 Wall Street, April 7, 2008. Retrieved May 25 2008. Unknown parameter
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^ "Best-Paid Hedge Fund Managers". Institutional Investor, Alpha magazine, May 25, 2008. Retrieved May 25 2008. Unknown parameter
|dateformat=ignored (help); Check date values in:|accessdate=(help) - ^ Hedge Fund Math: Why Fees Matter (Newsletter), Epoch Investment Partners Inc.
- ^ Forbes 400 Richest Americans: Stephen A. Cohen
وصلات خارجية
- لاحم الناصر (2006-11-07). "صناديق التحوط". جريدة الشرق الأوسط. Retrieved 2009-10-20.
- International Association of Hedge Funds Professionals (IAHFP) http://www.hedge-funds-association.com
- Center for International Securities and Derivatives Markets at the University of Massachusetts Amherst is a research center specializing in hedge fund research
- Hedge Fund Research Initiative of the International Center for Finance at the Yale School of Management
نطقب:Hedge funds نطقب:Investment-management
