risk arbitrage portfolio reflecting strong investor demand for commercial paper while, in Hong Kong, the increase was driven by the deployment of increased commercial surplus. During the financial crisis trading assets increased by 11 percent because of the Groups Consolidation of 5 Constant Net Asset Value. Trading assets fell by 6 per cent, primarily due to a decrease in the level of reverse re
portfolio? (Selection) 각 자산에서의 종목군 선정
위 선택질문에 대한 해답은 투자자의 위험과 수익률 선호도에 따라 각자
다른 선택을 하게 된다.
(In making these decisions, investors’ preference toward risk and return is one of the most important factor to consider.)
What is ‘Risk’?
Danger? – 위험은 투자자본
Portfolio Theory is...
A theory that attempts to maximize portfolio expected return or minimize risk
By combining different assets whose returns are not perfectly positively correlated, we can reduce the total variance of the portfolio return.
Return and Risk
Return
The gain or loss of a security in a particular period
Risk
The possibility of losing some or all of the original
which have potential of maximum payoff.
Because the investment behavior of the fund is mainly decided by forecast of the trend, the feature of the fund can be stated as ‘speculator’. (Speculators wish to take a position in the market by betting either the price of the asset will go up or that it will go down) And another important feature of the fund is how far it would be exposed to risk.