英语翻译Other techniques of portfolio insurance use futures cont

英语翻译
Other techniques of portfolio insurance use futures contracts on stock and other market indexes.In the previous example,the manager could "synthetically" sell some or all of the portfolio by selling futures contracts on the S&P 500 index.If the portfolio subsequently fell in value along with the S&P 500 index,the futures position would generate prohits that would partially or entirely offset the loss.If market prices rose,the portfolio would rise in value but the futures position would generate a loss that would tend to offset the gain.Note that this technique not only stabilizes the value of the stock portfolio,but also allows the manager to create a position with profits and losses that is equivalent to a smaller stock portfolio.This lower risk position is achieved without the significant expense of actually selling a portion of each individual stock position within the portfolio.Technically,this is an example of hedging,or maintaining a particular market value for a period rather than ensuring a minimum value while retaining the opportunity for upside gains.It is possible,however,to sell the proper number of S&P 500 index futures in order to mimic the overall profits of the put insured portfolio described above.This would require periodic adjustment to the hedge,or the number of futures contracts sold,as prices changed and the time to expiration of the contracts diminished.

有价证券保险其他技术使用在股票和其他市场指数的期货合约.在先例中,经理可能" 综合性" 通过卖在S&P 500索引的期货合约卖某些或所有股份单.如果股份单在价值方面后来跌落与S&P 500索引一起,预测点将引起部分地或完全地将抵销损失的prohits.如果市场价上升了,股份单将上升按价值,但是预测点将引起将倾向于抵销获取的损失.注意这个技术不仅稳定股票组合的价值,而且允许经理用赢利和损失创造与更小的股票组合是等效的位置.这个更低的风险位置达到,不用实际卖每个单独储蓄位置的部分重大费用在股份单之内的.技术上,这是树篱或者坚持特殊市场价值的例子一个期间而不是保证最小值,当保留机会上部获取的时.是可能的,然而,卖S&P 500期货指标的适当的数量为了仿造被描述的被投入的被保险人股份单的整体赢利上面.这将要求周期性调整对树篱,或者期货合约的数量被卖的,因为价格变成了和时间合同的失效减少了.