Ken Boyd
幾乎所有的共同基金和交易所買賣基金（ETF）都有一定程度的匯率風險，因為操著這些投資組合的公司可能在多個國家運作。這些企業基於外幣創造利潤，這給投資者帶來匯率風險。考慮到這些貨幣對沖成為降低風險的重要工具。
我們假設一些美國公司在英國有零售商店。母公司為英國商店提供資本，這就需要將美元兌換成英鎊。同時我們假設1美元兌換2英鎊。
母公司以美元形式公佈財務數據。英國商店創造的利潤必須從英鎊轉換成美元。如果現在的匯率變成1美元兌4英鎊。那麼兌換相同數量美元的英鎊成本將增加一倍，這使得英鎊價值降低。
共同基金和ETF也會出現同樣的風險。如果你擁有一個基於英國股票的投資組合，你將面臨匯率風險。你的投資組合的價值可能因為美國與英國之間匯率改變而降低，這是為什麼貨幣對沖重要的原因之一。
1.排除長期風險
假設你擁有一個英鎊計價的基金。你的投資目標是擁有在該國表現良好的公司。美元和英鎊之間的匯率會根據經濟和政治因素隨時變化。由於這個原因，你需要對沖匯率風險使你擁有的基金在長期中受益。
2.外國股票增加投資多樣性
你想要在美國和和外國擁有能適當多樣化投資組合的公司。例如，前沿和新興市場對想要接受更大風險並得到更大回報的投資者非常有吸引力。由於許多投資者都在國外投資，他們可以使用匯率對沖減少ETF和共同基金的風險。
3.期貨合約
許多共同基金和ETF使用遠期合約對沖匯率風險，這些合約可以使用任何主要貨幣購買。遠期合約使購買者能鎖定他們的購買貨幣。換句話說，匯率會在一個特定時間段被鎖定。
但是購買遠期合約需要一定的成本。這些合約能在匯率改變時保護投資組合的價值。我們以英鎊為例，遠期合約能在英鎊相對美元價值下降時為投資者提供保護。另一方面，如果英鎊價值上漲，則沒有必要使用遠期合約。
使用匯率對沖的基金相信對沖成本將由時間返還。基金的目標是減少匯率風險並接受購買遠期基金的額外成本。
4.對沖匯率大幅下跌
貨幣對沖策略可以在一種貨幣價值大幅下跌時為投資者提供保護。假設兩個共同基金完全由巴西公司組成。一個基金不對沖匯率風險。另一個基金擁有完全相同的股票組合但是購買了雷亞爾遠期合約。
如果雷亞爾相對美元價值不變或者上漲，沒有進行對沖的投資組合將獲得更好的受益，因為它沒有支付遠期合約的成本。然而，當雷亞爾價值下跌時，購買對沖基金表現更好，因為該基金對沖了匯率風險。
政治和經濟因素能引起匯率的大規模波動。在一些情況下，匯率的波動將非常巨大。對投資組合進行對沖可能會花費一些成本，但是能在貨幣價值大規模下跌時保護你的投資。
4 Reasons Currency Hedging is Important
By Ken Boyd
Almost every mutual fund and ETF has some degree of currency risk, as the companies in these portfolios may have operations in many countries. These businesses generate profits based on a foreign currency, which exposes the investor to currency risk. Consider these reasons why currency hedging is an important tool to reduce risk.
Assume, for example, that Acme Company is based in the United States and has retail stores in the United Kingdom. Acme provides capital to its U.K. stores, which requires the firm to convert U.S. dollars into pounds. Also assume that $1 is converted into £2.
Acme reports its year-end financial results in U.S. dollars. The profit generated by U.K. stores must be converted from pounds into dollars. Assume that the exchange rate is now $1 dollar to £4. It now takes twice as many pounds to convert into a single U.S. dollar, which makes the British pound sterling, or GBP, far less valuable.
This risk is also applicable to mutual funds and ETFs. If you own a portfolio of stocks based in the United Kingdom, you’re exposed to currency risk. The value of your fund can decline due to changes in the exchange rate between the United Kingdom and the United States, which is one of several reasons why currency hedging is important.
1. Eliminate Risk Over the Long Term
Suppose you own a U.K.-denominated fund. Your investment objective is to own companies based in that country that perform well. The exchange rate between the dollar and the pound will change over time, based on economic and political factors. For this reason, you need to hedge your currency risk to benefit from owning your fund over the long term.
2. Foreign Stocks Add Portfolio Diversity
You want to own companies in the United States and in foreign countries to properly diversify your portfolio. For example, frontier and emerging markets are attractive to investors who want to take more risk and achieve higher returns. Since most investors use foreign-based investments, they can reduce their risk exposure using currency-hedged ETFsand mutual funds.
3. Forward Contracts
Many funds and ETFs hedge currency risk using forward contracts, and these contracts can be purchased for every major currency. A forward contract, or currency forward, allows the purchaser to lock in the price they pay for a currency. In other words, the exchange rate is locked in place for a specific period of time.
However, there is a cost to buy forward contracts. The contract protects the value of the portfolio if exchange rates make the currency less valuable. Using the U.K. example, a forward contract protects an investor when the value of the pound declines relative to the dollar. On the other hand, if the pound becomes more valuable, the forward contract isn’t needed.
Funds that use currency hedging believe that the cost of hedging will pay off over time. The fund's objective is to reduce currency risk and accept the additional cost of buying a forward contract.
4.Hedging Large Currency Declines
A currency hedging strategy can protect the investor if the value of a currency falls sharply. Consider two mutual funds that are made up entirely of Brazilian-based companies. One fund does not hedge currency risk. The other fund contains the exact same portfolio of stocks, but purchases forward contracts on the Brazilian currency, the real.
If the value of the real stays the same or increases compared to the dollar, the portfolio that is not hedged will outperform, since that portfolio is not paying for the forward contracts. However, when the Brazilian currency declines in value, the hedged portfolio performs better, since that fund has hedged against currency risk.
Political and economic factors can cause large fluctuations in exchange rates. In some cases, currency rates can be very volatile. A hedged portfolio incurs more costs, but can protect your investment in the event of a sharp decline in a currency’s value.
本文翻譯由兄弟財經提供
文章來源：http://www.investopedia.com/articles/forex/041416/4-reasons-currency-hedging-important.asp