Hedge funds risk

 

Risks  share with  other  investment  types

 

Hedge funds share many of the same types of risk as other investment classes, including liquidity risk and manager risk. Liquidity refers to the degree to which an asset can be bought and sold or converted to cash; similar toprivate equity funds, hedge funds employ a lock-up period during which an investor cannot remove money. Manager risk refers to those risks which arise from the management of funds. As well as specific risks such as style drift, which refers to a fund manager “drifting” away from an area of specific expertise, manager risk factors include valuation risk, capacity risk, concentration risk and leverage risk. Valuation risk refers to the concern that the net asset value of investments may be inaccurate; capacity risk can arise from placing too much money into one particular strategy, which may lead to fund performance deterioration; and concentration riskmay arise if a fund has too much exposure to a particular investment, sector, trading strategy, or group of correlated funds. These risks may be managed through defined controls over conflict of interest, restrictions on allocation of funds, and set exposure limits for strategies.

 

词汇

Liquidity    资产折现力

Degree      度，度数；程度；

private equity funds   私人股本基金

deterioration    恶化；变坏；退化；堕落

 

valuation risk   估值风险

capacity risk    能力风险

concentration risk   集中风险

leverage risk    杠杆风险

 

exposure/disclosure  暴露,揭发,公开

correlated funds     相关基金

restrictions   限制，限定；拘束，束缚；管制

Allocation  分配

 

Part1

Hedge funds share many of the same types of risk as other investment classes, including liquidity risk and manager risk.

 

词汇

liquidity risk  流动性风险

manager risk  经理风险

 

解释

对冲基金和其他投资类别一样有着许多相同种类的风险，包括流动性风险和经理风险。

 

流动性风险

流动性风险主要产生于银行无法应对因负债下降或资产增加而导致的流动性困难。当一家银行缺乏流动性时，它就不能依靠负债增长或以合理的成本迅速变现资产来获得充裕的资金，因而会影响其盈利能力。极端情况下，流动性不足能导致银行倒闭。

 

风险经理

风险经理就是以公开招聘为名，由市行行长内定的一批人员，看送礼多少，关系深浅分为正科级，付科级。风险经理就是个领钱的岗位，比行长还美，一个月不见三次面，工资跟行长一样多，没任务，没压力，最自由。

 

Part2

Liquidity refers to the degree to which an asset can be bought and sold or converted to cash; similar toprivate equity funds, hedge funds employ a lock-up period during which an investor cannot remove money.

 

词汇

private equity funds   私募基金

a lock-up period      禁售期

 

解释

流动性是指资产可以购买和出售或转换为现金的程度，类似于私募基金，对冲基金采用了禁售期，在这期间，投资者可以不移动这部分钱。

 

 

Part3

Manager risk refers to those risks which arise from the management of funds. As well as specific risks such as style drift, which refers to a fund manager “drifting” away from an area of specific expertise, Manager risk factors include valuation risk, capacity risk, concentration risk and leverage risk.

 

词汇

valuation risk  估值风险

capacity risk   能力风险

concentration risk  集中风险

leverage risk   杠杆风险

 

解释

管理风险是指来自资金管理的风险, 像特定风险比如风格漂移一样，风格漂移是指基金经理利用具体的专业知识从一个地区移走。

经理风险的因素包括估值风险，能力风险，集中风险及杠杆风险。

 

 

Part4

Valuation risk refers to the concern that the net asset value of investments may be inaccurate; capacity risk can arise from placing too much money into one particular strategy, which may lead to fund performance deterioration; andconcentration riskmay arise if a fund has too much exposure to a particular investment, sector, trading strategy, or group of correlated funds.

 

词汇

Concern      涉及，关系到

deterioration  恶化

exposure/disclosure  暴露,揭发,公开

correlated funds     相关基金

 

解释

估值风险指的关注的净资产，投资价值可能是不准确的.

能力风险出现把太多的钱投入到一个特定的策略，这可能会导致基金业绩恶化;

集中风险可能出现在 一个基金过于暴露给一个特定的投资者、行业、交易策略、或一组相关的资金，这就可能发生集中风险。

 

Part 5

These risks may be managed through defined controls over conflict of interest, restrictions on allocation of funds, and set exposure limits for strategies

 

词汇

Restrictions  限制、管制

Allocation  分配

 

解释

这些风险可以通过控制利益冲突，资金分配的限制，并设置曝光限制策略来进行管理。

 

 

 

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