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Capital Markets

In: Business and Management

Submitted By tute
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Mercado de Capitales 2011
Trabajo Práctico 1
Fecha de entrega: 16/08/2011
The Dynamis Fund: An Energy Hedge Fund

Trabajo realizado por:

o Grynwald, Diego

o Portnoy, Ezequiel Elber

o Rajnerman, Martin

1) La sociedad Scott & Stringfellow tiene a su cargo la administración del fondo Scott & Stringfellow Capital Managment (SSCM). A través de este intermediario, los inversores podrán asignar sus fondos a compañías que pertenecen a la industria energética. Este fondo trabaja con activos de renta variable y se caracteriza por invertir en una industria con elementos volátiles y riesgosos. La idea que prevalece es la de hacer crecer el capital mediante la apreciación de los activos y la inversión en pequeñas y medianas compañías energéticas.

Por las características de los activos en los que se invierte, existe una relación directa y positiva entre la inflación y los resultados obtenidos.

La persona que invierta en este fondo, tendrá la posibilidad de diversificar su porfolio y tomar participación de esta industria riesgosa. Sin embargo, los bajos dividendos pagados podrían limitar las intenciones de participar en este fondo.

A través de la creación de Hedge Found, The Dynamis Found, la sociedad S&S tendrá alcance a nuevas operaciones. Este fondo también operará con compañías small-cap y mid-cap, dentro del sector energético y servirá para la sociedad S&S como una nueva fuente de ingresos. Permite la posibilidad de adquirir nuevos activos e implementar otras estrategias que le darán la cintura necesaria para que el fondo pueda obtener resultados positivos en situaciones de alta y baja del mercado. Los inversores que destinen sus recursos a este nuevo fondo tendrán que estar dispuestos a correr mayores riesgos y posiblemente tendrían que entender un poco más de las operaciones que se pueden hacer.

Como resultado del Dynamis Found, el inversor podrá verse beneficiado a partir de resultados positivos en un contexto en donde el mercado suba o baje y el fondo tendrá una nueva fuente de ingresos, generando una situación mutuamente beneficiosa.

Entonces vemos que S&S lanza el Hedge Fund desde dos puntos de vista. Para el inversionista, el mismo representa un mejor camino para ganar con los vaivenes del mercado. La segunda visión es desde la óptica del administrador del fondo, que esta proporcionando otro tipo de incentivos a lo que daba en el porfolio, por lo que puede atraer clientes mas propensos al riesgo.

2) Los fondos comunes de inversión y los Hedge Found son dos estilos de fondos de inversión. Estos intermediarios financieros tendrán la capacidad de administrar los recursos de inversores, cobrando en concepto de la tarea realizada. A través de estos grupos, el inversor tendrá la posibilidad de acceder a una cartera más diversificada. Sin embargo, existen características que diferencian al fondo común con el Hedge Found.

A través del fondo común de inversión, el agente que delegue la responsabilidad de administrar el dinero, compra una cuota parte del fondo y será dueño de las inversiones que se hagan, en proporción al dinero invertido. La sociedad responsable del manejo de capitales asignara los recursos a distintos activos financieros y tendrá que comunicar cuales son los objetivos del fondo y en qué y cómo se invertirá. Dependiendo de la postura que se tome, se va a determinar a qué clase de fondo común pertenece. Más allá de la intención de aumentar la riqueza, el individuo tendrá la ventaja de conocer el destino de su dinero y estará conciente de los riesgos que se asuman. El valor de la inversión que haga el individuo podrá aumentar por pago de dividendos durante el periodo o por diferencias en el valor de venta de la cuota parte. Por otra parte, el fondo cobrará un porcentaje por gastos administrativos y una comisión por la administración. Los gastos dependerán de la política del fondo, mientras que la comisión se calculara una vez al año sobre el total del valor del fondo.

Los fondos de inversión conocidos como Hedge Found comenzaron a operar en el año 1949 con los aportes de A. J. Jones. La idea inicial era la de minimizar los riesgos y maximizar las ganancias. La diferencia más importante que existe hoy en día entre este tipo de fondos y los comunes es el hecho de que los Hedge Founds no están regulados por la ley. El supuesto de que el inversor es conocedor y no necesita protección, permite que estos grupos no tengan limites en cuanto a los activos financieros que puedan invertir, ni a las estrategias utilizadas. Entre otras, las técnicas que pueden usar para invertir son las de short selling, arbitraje, control de riesgo y también pueden tomar leverage. Con estas técnicas, el riesgo asumido es mayor. Sin embargo, el Hedge found le brinda la oportunidad al cliente de aumentar el valor del capital, más allá de cómo se esté comportando el mercado. Por este motivo, a diferencia del fondo común donde se toman índices de referencia y se mide el rendimiento de manera relativa, en este caso se le da importancia al valor absoluto que alcance el Hedge Found, es decir que al inversor le importa solamente si gana, independientemente de la marcha del mercado. La forma de cobrar por los servicios, también es diferente. En este caso, aparte de la comisión por administración y gastos, el Hedge Found cobra un porcentaje de las ganancias por las inversiones realizadas. De esta manera, el inversor puede interpretar que existe una motivación extra en la otra parte por alcanzar buenos rendimientos.

En términos generales, la gran diferencia que existe entre estos dos intermediarios financieros surge a partir de la regulación o no del fondo. En el caso del Hedge Found, al no estar regulado, se asumen los riesgos necesarios para operar de manera que no hayan excusas para perder dinero. Por otra parte, en el fondo común, el inversor conocerá en donde se está metiendo y podrá medir el alcance de los riesgos y los resultados posibles.

3 y 4) El benchmark utilizado debe ser capaz de medir el rendimiento relativo de cierta actividad de inversion, por lo que su objetivo es que los resultados puedan ser comparables y replicables a distintos indicadores. Por lo tanto, dada la industria deberia medirse su performance en relacion a aquella que tenga la misma orientacioon y el mismo objetivo de por medio, es decir la que tenga mayor correlacioon con el Hedge fund o el portfolio del fondo comuun.

Dado lo previamente menconado, para la eleccion del benchmark se debe tener en cuenta un aspecto particular que se extiende a lo largo del caso: la volatilidad de la industria energética y los riesgos que esta conlleva, siendo esto algo que no puede ser dejado de lado a la hora de tener un índice de referencia. Es por ello que luego de analizar el texto y la composición del porfolio decidimos que el índice que nos serviría mejor como referencia es el Oil Service Sector Index (OSX), dado que no podemos elegir el S&P Energy composite. Esto se debe a diferentes motivos. Uno de ellos es por como esta formado el fondo. Otros de los índices propuestos reflejan empresas que se encargan del transporte, refinería y marketing de gas y nafta, que no es el caso de nuestro porfolio que su principal foco esta puesto en como sacar de la superficie los recursos. Ademaas, como el fondo tiene tanto un porcentaje alto de servicios como el de offshore drilling, el índice que mejor explica y mejor se adecua como elemento de comparación relativa para la composición del fondo es el OSX.

Sin embargo para tener una medida mayor de su rendimiento, el benchmarking del hedge fund debería ser realizado contemplando el riesgo. Si bien lo que importa en este tipo de fondos de inversion es que muestre un beneficio dado que tienen la capacidad de shortear, a mayor riesgo que asume el inversor mayor será el retorno esperado por el mismo. Por lo tanto, al momento de evualuar y medir el rendimiento, es necesario que el benchmark utilizado contemple esta característica y sea ajustado mediante la misma. Y como el hedge fund tiene un distinto nivel de riesgo que el fondo común, es necesario ajustar los índices utilizados.

En teerminos generales, si bien el Hedge Fund hace una medición absoluta creemos que debe tener el mismo benchmark que el porfolio dado la composición que es brindada. Pero en este caso más allá de usar el OSX creemos que se deberia hacer un ajuste del índice dado el mayor riesgo que trae un Hedge Fund al lado del otro fondo. En conclusión optamos por el mismo benchmark ajustándolo bajo estos paraametros mencionados, más allá que al inversor de un Hedge Fund poco le importará la referencia ya que querrá ganar siempre.

5) A la hora de evaluar el rendimiento del fondo común, habría que tener en cuenta dos características. En primer lugar, su rendimiento absoluto y la evolución del mismo a través de los años. En segundo lugar, y como elemento más importante a la hora de realizar un análisis certero de la performance, debe compararse con el S&P Energy, que es uno de los indicadores que puede replicar las características y la composición del fondo.

En el año 1994 se puede observar que su performance no resulto satisfactoria. En cuanto al rendimiento neto del SSCM energy se puede observar una caída en un 7,9%, lo cual se torna aun mas preocupante al compararse con el índice anteriormente mencionado.

Por otro lado, en el año 1997, el retorno generado por parte del fondo muestra un beneficio del 16,2%. Sin embargo, al establecerse la comparación con índice seleccionado, el resultado no muestra verdaderos beneficios para los inversores, dado que es superado. El resultado se torna auun menos atractivo cuando se observa la suba del 33,4 % del S&P 500, una opción de inversión de menor riesgo y de mayor facilidad de acceso.

Sin embargo, en términos generales, en cuanto al resto de los periodos observados, a excepción de 1997, el retorno anual supera ampliamente a los distintos índices mencionados. En sus primeros 5 años de vida, su retorno neto llegaba al 31,3 %, mostrándose por encima del 20,4 % anual del S&P 500 y el 15,4% del S&P Energy composite, por lo que su performance fue sumamente satisfactoria.

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