开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)|3.2.5(安卓)APP下载

eee · 2019年03月01日

关于long-only 和long-short在investment capacity方面的区别

教材原文如下:

Long-only investing, particularly strategies that focus on large-cap stocks, generally offers greater investment capacity than other approaches. For example, the MSCI ACWI has a total market cap of nearly $37 trillion, and the 10 largest companies are worth $3.4 trillion.42 For large institutional investors, such as pension plans, there are no effective capacity constraints in terms of the total market cap available for long-only large-cap investing. Long-only strategies may face capacity constraints, however, if they focus on smaller and illiquid stocks or employ a strategy reliant on a high level of portfolio turnover. Unlike long-only strategies, the capacity of short-selling strategies is limited by the availability of securities to borrow.

(Institute 505)


这段说long-only 有greater investment capacity focus on large cap stocks,原因似乎是说long only 在投资规模上没有限制?而long-short受限于股票的借入,但是大盘股不是应该更好借入么,反而小盘股流动性差的股票应该更难借入,从这个角度讲long only应该是在focus small cap stock时才有greater investment capacity啊?

 请解释一下教材这段话和以上问题,谢谢!

1 个答案
已采纳答案

韩韩_品职助教 · 2019年03月01日

同学你好,这里long-only 之所以有更大的capacity, 一方面体现在基本上任何股票都可以用long only的方式来投资,而shorting selling会有一些限制类似于只有一部分股票可以做空,或者做空的比例有限制,第二方面体现在对于流动性比较好的大盘股,对于资产管理规模很大的机构投资者,long only可以买很大的量,也不会对市场有太大的影响,但是如果投资小盘股的话,就没有办法把很大的资产量都投资出去。

  • 1

    回答
  • 0

    关注
  • 800

    浏览
相关问题