Ucwaningo olwenziwa yizifundiswa zaseYunivesithi ezivela eYale naseMaastricht ye- Financial Times lithola ukuthi eminyakeni engaphezu kwengu-10 kusukela ngo-2001, izimali zempesheni yase-US zathola ama-4.5% ngonyaka, emva kwemali, kusukela ekutshalweni kwezimali ezizimele.
Iqhathanisa kabi ne-S & P 400, eveza ukubuyiselwa kweminyaka ngonyaka ka-6.7% ngesikhathi esifanayo, ne-dividends ivuselelwa. Ucwaningo lubuye lubonise ukuthi, uma zonke izimali zibhekwa, cishe amaphesenti angama-70 ebuyisela imali emalini eyimali eyimfihlo ayigcinwa yizimali ngokwazo.
Icala lezinsolo ezinamandla livela kuSimon Lack, umphathi wemali ochwepheshe kanye nomlobi weThe Hedge Fund Mirage . Kule ncwadi, ulinganisela ukuthi, kusukela ngo-1998 kuya ku-2010, i-hedge funds ndawonye ibuyiselwe imali engamaRandi ayizigidi eziyi-9 kuphela kuma-investors ngenkathi ivula imali engamaRandi ayizigidi eziyizinkulungwane ezingu-440 kubaphathi babo nakwabanye abahlala kuyo.
Ngenkathi izimali ze-hedge nezimali zangasese ezilinganayo zingabonakali, kunezifaniso ezanele phakathi kwalezi zinhlaka zokuphathwa kwemali yonke ukuphakamisa ukuthi ukusatshalaliswa okunjalo kungase kubonakale kubonisa lokho okulandelayo. Phakathi kwezimali ezijwayelekile ezibonakalayo zokulingana kwangasese kukhona:
Imali Yokuphatha
Imali yokuphatha ihlanganisa izindleko zokusebenza zenkampani yangasese yangasese, nakuba inhlangano ekhulayo yocwaningo ibonisa ukuthi lezi zimali ngokuvamile zidlula izindleko. Izimali zokuphatha ngokuvamile zivela ku-1.5% kuya ku-2.0% yezimpahla.
Kodwa-ke, eminyakeni yokuqala yezimali ezikhona zangasese, imali yokuphatha ingabonisa iphesenti ephakeme kakhulu yemali esetshenzisiwe.
Kungenxa yokuthi ngokuvamile kuhlolwa yonke imali abathengi abaye bayifaka esikhwameni, kodwa yikuphi isikhwama esingasetshalanga.
Imali yokusebenza
Imali yokusebenza evamile ingaba ngu-20% wezinzuzo zokutshala izimali ezibhalwe yi-fund equity fund. Uma lesi sikhwama siholela ekulahlekelweni ngonyaka onikeziwe, izimali zokusebenza zero. Ngaphezu kwalokho, imikhuba emihle embonini ibonisa ukuthi, ngaphambi kokukhokhelwa kwemali, ukulahlekelwa okudlulile okumele kulandelwe kufanele kuhlwithwe ngokuzuzisa kwiminyaka ephumelelayo.
Yenza Imali
Ukukhokhwa kwemali kukhokhiswa yi-firm equity firm kuya ezinkampanini ezikhundleni zabo. Kumele zimboze izinsizakalo ezihlukahlukene zokuphatha ezihlinzekwa yilowo owayekade efika kulo.
Imali yokuThengiswa
Izimali zokuthengiswa zikhokhiswa amafomu okuthenga kumazinkampani athengayo. Phakathi neminyaka ka-2009 no-2010, lezi zimali zazibalelwa ku-1.24% kwamasayizi okuthenga, ukuthengwa okubiza phakathi kwe $ 500 million no-$ 1 billion, kusuka ku-0.99% ngo-2005 kuya ku-2008.
Imali yokuqapha
Izinkokhelo zokuqapha zikhokhwa izinkampani zephothifoliyo kubanikazi bezinkampani zabo ezizimele ukuze bahlanganise izinsizakalo ezahlukene zokubonisana nezeluleko.
Izibonelo zokushaja kabili
Lezi zimali ezehlukene zokulingana ezizimele ziza ngaphansi kokugxekwa okukhulayo hhayi kuphela ngenxa yokweqa ngokweqile kodwa ngoba zimele ukushaja kabili imisebenzi nemisebenzi efanayo, kuhlolwe kubatshalizimali kanye nezinkampani zephothifoliyo ngesikhathi esisodwa.
Uma izinkampani zephothifoliyo zihamba esidlangalaleni, zivame ukukhokha imali eningi kakhulu yokukhokha izimali zokuqeda izivumelwano zabo zokweluleka namafemu ezizimele zangasese, nakuba umthombo omkhulu wenzuzo yokuzimela kwangasese kanye namafemu okuthenga kufanele kucacise ngokuqondile ukuthatha izinkampani zephothifoliyo zomphakathi.
Amanye amafemu okulingana okuzimele ahlola imali kwizinkampani zephothifoliyo ukuze kulungiswe kabusha isikweletu sabo. Kubangela abaningi ababukeli njengokweqile, ngezizathu ezimbili. Eyodwa, amafemu okulingana okuyimfihlo ngokuvamile anesibopho sokubamba izikweletu eziningi endaweni yokuqala, lapho uthatha izinkampani zangasese ezithengiwe ngemali (LBOs). Ezimbili, ukulungiswa kabusha kwamazinga ezithakazelo ezincane kwandisa inzuzo yenkampani yephothifoliyo, ngakho-ke ukuzuzwa kwamabhizinisi okuzimele okuyimfihlo.
Izimpendulo Zomtshali
Inamba ekhulayo yabatshalizimali ishicilela ukuthi lezi zimali ezehlukene kumele zisetshenziselwe ukunciphisa imali yokuphatha, kunokuba zisebenze njengezengezo ezenza inzuzo ehlanzekile eqinile yokulingana, noma ukusekela isinxephezelo esiphezulu kwabasebenzi bayo.
Ekuphenduleni, cishe imali engu-83% yemali yokuthengiselana ehambisana nezimali eziphakanyisiwe ngo-2011 ibuyiselwa kubatshali-zimali, ku-70% ngemali ephakanyisiwe ngo-2009. Noma kunjalo, lokhu kungase kukhutshwe ukwanda kwenani nakwezinye izimali.
Izibonelelo Zesikhwama sePensheni
Abaphathi bemali ezimpesheni ezihlukahlukene zempesheni bangase babe nomfelandawonye wokukhetha ukubuyiswa kwalezi zimali ezihlukahlukene ekuqedeni kwabo ngokuqondile. Kungenxa yokuthi izimali ezikhokhwayo zivame ukubhekwa njengokwenyuka kokubuyiswa kwezimali. Futhi, kuzokwandisa abaphathi bemali isinxephezelo sabo, ikakhulukazi uma banikezwa amabhonasi ahlanganiswe nezinzuzo zokutshala izimali.
Ngakolunye uhlangothi, uma izimali zingakhokhiswa, ukulinganisa okungekho emthethweni okwenzelwe izinkampani zephothifoliyo (ngokungenasisekelo ngenxa yokuthi abanakho ukulingana okuthengiswayo kanye nezindleko ezimakethe zokugcina izimpahla zomphakathi) kungenzeka ukuthi kwakungeke kubonakale ukuthi ikhuphuke ngenani elilinganiselwe .
Imithombo: "Abathengi bezikhwama zokuthenga bathengela ukuguqulwa kwesakhiwo sokukhokha esiphelelwe yisikhathi," i- Financial Times , ngoNovemba 7, 2011. "Ukulingana kwangasese: Imali ephakeme kakhulu," I-Economist , ngoNovemba 12, 2011. "Izimali zokulingana ezizimele ezibizwa ngokuthi "" Imali yokuhluleka: Amaklayenti e-Hedge Fund akhokha okuningi kancane, ngokusho kwalesi sibonakaliso esibucayi, "i- Financial Times , ngoFebhuwari 18, 2012.