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原帖由 coolbe 於 04:03 AM 發表
u have to understand that mutual fund can lend their shares to other financial institution (Margin) and that they are able to bid down prices and make a profit in that process. Small investors lik ...
Whether the funds can use any derivatives to lend or borrow any shares should depend on the fund nature when estabilised. For many traditional funds, they can only hold shares and cash but not allowed to use any derivatives. Also, the % of cash is well stated inside the fund rules.
So in case if the market crashes, the traditional funds can only cash the shares as much as possible. But since cash can only occuply a few %, so the fund price cannot escape fm dropping.
Since traditional funds can win on 1 direction trading, there are some new kind of funds. The absolute return and freestyle funds.
Absolute return can use derivatives to trade on both sides. However, the entry is USD50K and most likely, they will charge "performance fee". But in a pure bullish wave, the performance of an absolute return funds should be less than a traditional funds, becoz absoulte funds should use part of the cash to hedge for downturn risk, while the traditional funds can use all resource for catching the upturn wave.
Freestyle can have much feasiblity to hold more % of cash. For example if the market downturns, the freestyle can hold 100% cash insteads of shares. It all depends on the policies when the funds establised.
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本帖最後由 b4321 於 11:52 AM 編輯 ]
