tailieunhanh - Hedge Fund Investors course phần 5

Để hiểu được các cấu trúc kinh doanh quỹ phòng hộ điển hình, nó là cần thiết để lần đầu tiên thảo luận về các khối xây dựng. Ghi nhớ rằng các biến thể nhỏ tồn tại tiểu bang ở Hoa Kỳ bởi vì các quốc gia cá nhân ủy quyền cho việc tạo ra các đơn vị kinh doanh. | Hedge Fund Leverage 103 5 million in capital. What are the limits on leverage for this company A hedge fund has positions long and short in stocks index futures commodity futures and currencies. The fund s prime broker finances all the cash positions and carries all the futures positions. To what extent can SPAN margin rules reduce the margin required for the positions How can a hedge fund exceed the limit of 50 percent margin required on cash stock positions Your hedge fund has long positions in . Treasury securities totaling 50 million and short positions worth 35 million. You pay an average repo rate of percent to finance your longs and receive an average reverse repo rate of 4 percent on your cash collateral covering your short positions. You post haircuts averaging percent on the long positions and percent on the short positions. What amount of capital is tied up in haircuts How levered is the Treasury part of the portfolio in question A hedge fund has 100 million in capital levered approximately 20 1. It maintains a position of long notes and bonds roughly equal to its position in short bonds. The financing rate on the long positions averages about percent 50 basis points higher than the rate on the short positions. How much does the fund need to make trading annually to break even after financing costs You borrow 25 000 shares of XYZ common and deliver the shares to satisfy a short sale. While you are carrying the short the stock pays a dividend of 1 per share. Who receives the dividend You borrow 25 000 shares of XYZ common and deliver the shares to satisfy a short sale. While you are carrying the short the stock splits 2 1. How does this affect the stock loan transaction You borrow 25 000 shares of XYZ common and deliver the shares to satisfy a short sale. While you are carrying the short a proxy fight develops over control of the company. How do you restore the vote to the lender of the shares