Iphothifoliyo yemalimboleko ephelele

Iphothifoliyo yezimalimboleko ephelele (GLP) iyisamba sebhalansi eyinhloko esele yazo zonke izimalimboleko umbolekisi anazo ezincwadini zakhe ngesikhathi esithile, ngaphambi kokukhipha noma iyiphi isibonelelo sokulahleka kwezimalimboleko. Iyimpahla eyinhloko yokungenisa imali yesikhungo futhi iyinani elingaphansi kwezilinganiso eziningi zezikweletu nokusebenza kahle ekubolekeni.

GLP = Isamba senhloko esele kuzo zonke izimalimboleko ezisele.

Kuyisilinganiso sesitoko — ibhalansi ngosuku oluthile — hhayi ukugeleza. Lokhu kukuhlukanisa nezimali ezikhishwayo, ezilinganisa umsebenzi wokubolekisa esikhathini esithile, futhi kungumthombo welinye lamaphutha avame kakhulu ekuhlaziyweni kokubolekisa.

Iphothifoliyo Yezimalimboleko Ephelele Uma Kuqhathaniswa Nenethi

Iphothifoliyo yezimalimboleko enethi = Iphothifoliyo yezimalimboleko ephelele − Isibonelelo sokulahleka kwezimalimboleko

Inani eliphelele likhombisa isamba esiphelele esikweletwayo ngokwesivumelwano futhi esisele. Inani lenethi likhombisa lokho isikhungo esilindele ukukuthola ngempela, ngemuva kwesibonelelo esilindelekile sokulahleka kwesikweletu.

• Iphothifoliyo yezimalimboleko ephelele - Isisekelo: Inhloko esele ngaphambi kwesibonelelo

  • Kukhombisa: Ukuchayeka ngokwesivumelwano
  • Kusetshenziselwa: Amadenominetha ezilinganiso, usayizi wephothifoliyo, ukukhula.

• Iphothifoliyo yezimalimboleko enethi - Isisekelo: Ngemuva kokukhipha isibonelelo sokulahleka

  • Kukhombisa: Inani elithwalwayo elilindelekile ukubuyiseka
  • Kusetshenziselwa: Inani elithwalwayo lebhalansishidi

Cishe zonke izilinganiso ezijwayelekile zokubolekisa — i-PAR, isilinganiso sokukhansela, isivuno sephothifoliyo, isilinganiso sezindleko zokusebenza — sebenzisa isibalo esiphelele. Ukuxuba inani eliphelele nenethi phakathi kwenombolo ephezulu nenombolo engezansi kuyiphutha lokubika elivamile nelibalulekile.

Okufakiwe Nokungafakiwe

Yilapho izincazelo zehluka kakhulu phakathi kwezikhungo, futhi yilapho ukuqhathaniseka konakala khona.

Okufakiwe

• Izimalimboleko zamanje (ezisebenza kahle) — inhloko esele
• Izimalimboleko ezephuzile ukukhokha — kungakhathaliseki ukuthi zephuze kangakanani, inqobo nje uma zisasele ebhalansishidi.
• Imalimboleko eyakhiwe kabusha futhi ehlelelwe izikhathi ezintsha zokukhokha — isabhalisiwe emabhukwini, ngakho-ke isese-GLP
• Imalimboleko esesimweni sokubuyiswa ngokomthetho engakakhishwa emabhukwini
• Imalimboleko esesimweni sokungaqongeleli inzalo — inani eliyinhloko lihlala liku-GLP ngisho nalapho ukuqashelwa kwenzalo sekumisiwe

Okungafakiwe

• Imalimboleko ekhishwe emabhukwini — ayisabhalisiwe, ngakho-ke isusiwe ngokuphelele ku-GLP
• Inzalo eqongelelwe okufanele yamukelwe — lokhu kuwumkhuba ojwayelekile, nakuba kungesiyo yonke indawo
• Izibopho zemalimboleko ezingakakhishwa kanye nezinsizakalo ezigunyaziwe kodwa ezingakakhishwa — alikakabi khona inani eliyinhloko elisalayo
• Imalimboleko edayisiwe, eyabelwe noma eyenziwe izibambiso lapho izimpahla sezisusiwe ekuqashelweni
• Ukutshalwa kwezimali, ukubekwa kwezimali emabhange kanye nokunye okufanele kwamukelwe

Izindawo ezingacacile ezidinga inqubomgomo ecacile

• Inzalo eqongelelwe futhi eyenziwe inani eliyinhloko. Lapho inzalo engakhokhiwe isiguqulwe yaba inani eliyinhloko ngaphansi kokuhlelwa kabusha, iba yingxenye yebhalansi esalayo futhi iba se-GLP. Inzalo eqongelelwe nje futhi emelele ukwamukelwa ngokuvamile ayikwenzi lokho. Shono ukuthi iphathwa kanjani.
• Izinkokhelo ezihlehlisiwe noma ezingakancishiswa. Ngaphansi kwendlela yesilinganiso senzalo esisebenzayo lezi zilungisa inani elithwalwayo; ukuthi zingena yini ngaphakathi kwesibalo se-GLP esibikiwe kudinga inqubomgomo eshiwo.
• Imalimboleko yabasebenzi nabaqondisi. Ivamise ukuvezwa ngokuhlukile ngenxa yezizathu zokuphatha kunokuba ifakwe kuphothifoliyo yamakhasimende.
• Amaphothifoliyo angekho emabhukwini noma aphethwe. Ngaphansi kwezinhlelo zobambiswano, ze-ejensi noma zokuxhumana kwebhizinisi, isikhungo singasungula futhi sinakekele imalimboleko egcinwe ebhalanshidini yomunye umuntu. Lezi azikho ku-GLP kodwa ziyingxenye ye-zimpahla ezingaphansi kokuphathwa (AUM) noma iphothifoliyo ephethwe. Ukubika i-AUM njenge-GLP kukhuphula ngokweqile ibhalanshidi futhi kuwumthombo ophindaphindayo wokudideka lapho kuqhathaniswa izikhungo ezinezindlela ezahlukene zokuxhasa ngezimali.

I-Roll-Forward Yephothifoliyo

Indlela ecace kakhulu yokuqonda i-GLP — kanye no-kubuyisana okujwayelekile noma yimuphi umbolekisi okufanele akwazi ukukukhiqiza — kuyi-i-roll-forward:

I-GLP yokuvala = I-GLP yokuvula + Ukukhishwa kwezimali − Izinkokhelo zenani eliyinhloko − Ukukhishwa emabhukwini ± Ukuguqulwa kwe-FX ± Okunye ukulungisa

Qaphela ukuthi kuphela ingxenye eyinhloko yezinkokhelo eyehlisa i-GLP. Inzalo nezimali ezikhokhiswayo eziqoqiwe ziyimali engenayo futhi azithinti ibhalansi yephothifoliyo.

Isibonelo esisetshenziwe

• Iphothifoliyo ephelele yemalimboleko, 1 Januwari: 8,000,000
• Engeza: izimalimboleko ezikhishwe phakathi nonyaka: 14,000,000
• Khipha: izinkokhelo eziyinhloko ezitholiwe: (11,550,000)
• Khipha: izimalimboleko ezicinyiwe: (450,000)
• Iphothifoliyo ephelele yemalimboleko, 31 Disemba: 10,000,000

Ukubuyisana kufanele kuvumelane ngqo. Lapho kungavumelani, izimbangela ezijwayelekile yizimalimboleko zokwengeza eziqoshwe njengezikhisho ezintsha ngaphandle kokuvala ibhalansi yasekuqaleni, izimalimboleko ezihlelwe kabusha eziqoshwe njengenkokhelo nesikhisho kokubili, noma ukucishwa okufakwe ngaphandle kweleja yephothifoliyo.

Izikhisho Aziyona Iphothifoliyo

Ukubuyekezwa okungenhla kukwenza kucace: lo mbolekisi wakhipha 14,000,000 ngonyaka kodwa wagcina enephothifoliyo engu-10,000,000.

Ukukhishwa kuwukugeleza; i-GLP iyisitoko. Azishintsheki, futhi igebe phakathi kwazo liyakhula njengoba isikhathi sokuboleka sifinyela. Umbolekisi okhipha izimalimboleko zezinyanga ezine uzophendula iphothifoliyo yakhe cishe izikhathi ezintathu ngonyaka, ngakho izikhisho zonyaka zingaba ngokuphindwe kaningana kwebhalansi esele. Umbolekisi okhipha izimalimboleko zeminyaka emithathu uzokhipha okuncane kakhulu kunephothifoliyo yakhe unyaka ngamunye.

Isilinganiso phakathi kwazo siwukuphenduka kwephothifoliyo:

Ukuphenduka kwephothifoliyo = Izikhisho esikhathini / Iphothifoliyo ephelele yemalimboleko emaphakathi

Esibonelweni esingenhla: 14,000,000 / 9,000,000 = izikhathi ezingu-1.56.

Imiphumela emibili esebenzayo:

• Izimangalo zokuthi "saboleka u-X ngonyaka odlule" zichaza umthamo wokukhishwa, hhayi ubukhulu bephothifoliyo, futhi lezi ezimbili zidlulisa izinto ezihluke kakhulu mayelana nobukhulu bebhalansi kanye nesidingo soxhaso.
• Izindleko zokusebenza zihambisana nenani lokukhishwa kwemali, hhayi ngenani lephothifoliyo. Umbolekisi wesikhathi esifushane ucubungula ukuthengiselana okuningi kakhulu ngeyunithi ngayinye yephothifoliyo, okuyisona sizathu sokuthi izilinganiso zezindleko zokusebenza ziphakeme ngokwesakhiwo kwezemali ezincane kunasekubolekeni kwesikhathi eside.

Isilinganiso Sephothifoliyo Eliyisamba Lemalimboleko

Izilinganiso eziningi zihlanganisa ukugeleza kwenkathi (imali engenayo, ukubhalwa phansi kwezikweletu, izindleko zokusebenza) ne-GLP. Njengoba ukugeleza kwenzeka kuyo yonke inkathi kanti i-GLP iyibhalansi yesikhathi esithile, idinominetha kufanele ibe isilinganiso.

Isilinganiso samaphuzu amabili: (I-GLP yokuvula + I-GLP yokuvala) / 2. Ilula, futhi yanele kumaphothifoliyo azinzile.

Isilinganiso samaphuzu ayishumi nantathu: isilinganiso samabhalansi asekupheleni kwenyanga phakathi nonyaka kuhlanganisa nebhalansi yokuvula. Kunembe kakhulu lapho iphothifoliyo likhule, lancipha noma lishintshe ngokwezikhathi zonyaka.

Umehluko awusho lutho oluncane. Iphothifoliyo elikhula lisuka ku-8,000,000 liya ku-10,000,000 ngokulinganayo linikeza isilinganiso samaphuzu amabili esingu-9,000,000. Uma ingxenye enkulu yalokho kukhula yenzeka ngoDisemba, isilinganiso sangempela sokuchayeka sasiseduze no-8,300,000 — futhi zonke izilinganiso ezisisebenzisayo, kuhlanganise nesilinganiso sokubhalwa phansi kanye nesivuno sephothifoliyo, zibukelwa phansi cishe ngo-8%.

Umthetho: sebenzisa isilinganiso samaphuzu amabili kuphela uma ukukhula bekucishe kulandelana ngokomugqa. Ngaphandle kwalokho sebenzisa isilinganiso sanyanga zonke, bese usho ukuthi iyiphi indlela esetshenzisiwe.

Izilinganiso Ezisebenzisa Iphothifoliyo Eliyisamba Lemalimboleko

• Iphothifoliyo elisengozini (PAR>n): Ibhalansi eseleyo yemalimboleko enezinkokhelo eziphuzile isikhathi esingaphezu kwezinsuku ezingaphezu kwenombolo n / GLP
• Isilinganiso sokubhalwa phansi: Ukubhalwa phansi kwenkathi / Isilinganiso se-GLP
• Isivuno sephothifoliyo: Imali engenayo yezimali evela ephothifoliyweni / Isilinganiso se-GLP
• Isilinganiso sezindleko zokusebenza: Izindleko zokusebenza / Isilinganiso se-GLP
• Isilinganiso sezindleko zokubekela eceleni: Izindleko zokwehla kwenani / Isilinganiso se-GLP
• Ukumboza ngesibonelelo: Isibonelelo sokulahlekelwa yimalimboleko / GLP (noma / amalimboleko angasebenzi)
• Ukujikeleza kwephothifoliyo: Ukukhishwa kwemali / Isilinganiso se-GLP
• Isilinganiso sobukhulu bemalimboleko asele: I-GLP / Inani lamalimboleko asebenzayo

Njengoba i-GLP isendaweni yedinominetha cishe kuzo zonke, ukungahambisani kwencazelo ye-GLP kusabalala kulo lonke iqoqo lezilinganiso kanyekanye — okuyisizathu sokuthi incazelo ifanelwe ukunakwa okungaphezu kwalokho evame ukukuthola.

Amaphutha Avamile

• Ukufaka inzalo eyengeziwe: Kwenyusa i-GLP futhi kubika ngaphansi i-PAR, isivuno sephothifoliyo, kanye nesilinganiso sokubhalwa phansi ngesikhathi esisodwa.
• Ukusebenzisa i-GLP yokuvala esikhundleni sesilinganiso se-GLP: Ezilinganisweni zenkathi ephothifoliyweni ekhulayo, lokhu kwenza zonke izilinganiso zekhredithi nezokusebenza kahle zibukeke zingcono kunalokho ziyikho ngokuhlelekile.
• Ukudida ukukhishwa kwezimali nephothifoliyo: Iphutha elivame kakhulu ekuxhumaneni kwangaphandle nasezintweni zabatshalizimali.
• Ukubala izimali mboleko ezibhalwe phansi: Azisabhalwa njengezimpahla; ukuzigcina ku-GLP kwenza impahla ibonakale inkulu futhi kuhlanekezela i-PAR ngendlela ephambene nokuhlanzwa kwezimali ezibhalwe phansi.
• Ukubala kabili ama-top-up: Lapho imali mboleko ye-top-up ivala futhi ithatha indawo yebhalansi ekhona, ukubhala inani eliphelele elisha njengokwengezwa ngaphandle kokususa ibhalansi yokuqala kwenyusa kokubili ukukhishwa kwezimali nephothifoliyo.
• Ukubika i-AUM njenge-GLP: Emamodelini okusungulwa kwemali mboleko okubambisene noma okungekho emabhukwini.
• Ukususa isibonelelo ngendlela engahambisani: Ukusebenzisa iphothifoliyo eyinethi kuyidenominetha lapho isilinganiso sichazwa ngenani eliphelele.
• Ukuguqulwa kwemali: Kumaphothifoliyo anezinhlobo zemali eziningi, ukunyakaza kwe-FX kushintsha i-GLP ebikiwe ngaphandle kwanoma yimuphi umsebenzi wokubolekisa, futhi kufanele kuboniswe njengomugqa ohlukile ku-roll-forward kunokuba kufihlwe ekukhishweni kwezimali noma ezinkokhelweni.

Ukuhlukanisa Okuwusizo

I-GLP iba nolwazi olusizo kakhulu uma ihlukaniswa, ngoba isamba esisodwa sifihla cishe konke okubalulekile:

• Ngokuya ngomkhiqizo nangokwendlela yokusebenza (iqembu ngokumelene nomuntu ngamunye)
• Ngokuya ngenombolo yomjikelezo wemali mboleko — ingxube phakathi kwababoleki bomjikelezo wokuqala nabaphindayo iyinkomba ehamba phambili yakho kokubili ubungozi nokugcinwa.
• Ngokuya ngegatsha, isifunda kanye nesikhulu semali mboleko
• Ngokuya ngomkhakha — ubungozi bokugxila abubonakali ezingeni lephothifoliyo.
• Ngokuya ngebhakede lokubambezeleka — okungeniswa ku-PAR.
• Ngokuya nge-vintage (inyanga yokusungulwa) — okuwukuphela kwendlela yokuhlukanisa ehlobanisa ngokuthembekile ukusebenza nesinqumo sokubolekisa
• Ngokuya nge-tenor esele — ngokufanisa i-liquidity nokuvuthwa kwezimali zokuxhasa.