At present, there are eight strategies commonly used by private equity funds in the market: stock strategy, macro strategy, futures management strategy and relative value strategy. So, what is the specific investment strategy of the fund in futures? The following small series will briefly introduce three of them, hoping to give some help to investors.
Future fund investment strategy
First, the alpha strategy. Alpha strategy refers to holding a bullish stock portfolio and shorting stock index futures to completely hedge the beta risk of the stock portfolio. What is beta risk? It is the fluctuation of individual stocks caused by changes in the overall market. If the overall market is not good and the index falls, then the stock portfolio held will lose money as a whole. If you short stock index futures at the same time, this income can make up for the loss of stock portfolio to some extent.
Second, hedging strategy. This operation method is similar to alpha strategy, but different from alpha strategy, which starts from the dimension of eliminating beta risk, fund managers arbitrage by shorting stock index futures when the market falls sharply to reduce the return of fund net value. If the short position is large, most of the long-term stock funds in the market will lose money, but the net value of this fund can rise against the market.
Third, the trend strategy. Trend strategy is relatively more complicated. Although in many cases he mainly holds stocks, he may also make profits by shorting some stocks while watching more stocks. At the same time, he will also conduct two-way operation of stock index futures, judge that the stock index is going to fall, and he will short the stock index futures, and vice versa. However, due to the lack of securities lending resources and high cost in China, there are few funds that hedge or profit by shorting individual stocks.
Futures investment skills and strategies
One-time investment 10%. Divide your available venture capital into 10, and limit the maximum amount of each transaction to your venture capital110, instead of putting all the funds into it at once, so as to reserve the opportunity to watch the market in the future and avoid excessive speculation or desperate gambling psychology. Remember, futures market is not a casino!
Second, it is not advisable to make orders in excess. If you decide to use110 of the total capital as the trading risk limit, then firmly adhere to the principle that the implementation of any idea cannot exceed110. If this principle is broken, it is likely to exceed 2/ 10, 3/ 10 or even more than half. The average pricing method is quite risky and beyond the tolerance of small investors. In addition, carefully analyze the general situation of the market and avoid listening to rumors.
Third, don't be half-hearted. If your chart and technical operating system don't show that the fluctuation of the market has indeed reversed, at this time, you don't have to follow the public to buy back or sell. Trust your own judgment. It's beneficial to wait and see under the market conditions of cowhide or ignorance. When you have doubts about the market price trend, or lose confidence in the market, you'd better close your position.
What are the quantitative investment strategies?
1, quantitative stock selection. Quantitative stock selection is an act of judging whether a company is worth buying by quantitative methods. According to a certain method, if the company meets the conditions of this method, it will be put into the stock pool, and if it does not, it will be removed from the stock pool. There are many ways to quantify stock selection. Generally speaking, it can be divided into three categories: company valuation method, trend method and capital method.
2. Quantify the timing. The predictability of the stock market is closely related to the efficient market hypothesis. If the efficient market theory or efficient market hypothesis is established, the stock price fully reflects all relevant information, and the price changes follow a random walk, so it is meaningless to predict the stock price. Many studies have found that there is a nonlinear correlation in the index return of China stock market besides the classical linear correlation, thus denying the hypothesis of random walk, and pointing out that the fluctuation of stock price is not completely random, which seems to be random and chaotic, but behind its complex surface, there is a deterministic mechanism, so there is a predictable component.
3. Stock index futures arbitrage. Arbitrage of stock index futures refers to the behavior of taking advantage of the unreasonable price of stock index futures market, participating in the trading of stock index futures and stock spot market at the same time, or trading different (but similar) types of stock index contracts at the same time to earn the difference. The arbitrage of stock index futures is mainly divided into two types: spot arbitrage and intertemporal arbitrage. The research of stock index futures arbitrage mainly includes spot construction, arbitrage pricing, margin management, impact cost, component stock adjustment and so on.