最新Shin Kong Financial Holding149.pptVIP

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最新Shin Kong Financial Holding149.ppt

Mix of Hedging Strategies Used Comments Share of traditional hedges increased to the upper limit of medium-long term target 70~90% Proxy hedging remained low at 3.7% Driven by effective hedging strategy, annualized hedging cost was lower than 1% in 1H Available for sale position in foreign equities accounted for 6.3% of the portfolio and was not marked to market in income statement Hedging Strategy Total=NT$459.68bn Equity AFS position (1) Proxy hedge CS and NDF (2) Note: Available for sale position Currency swaps and non-delivery forwards US$ position -*- Investment Strategy Develop Strategic Asset Allocation based on liability profile and capital budget Build core portfolio of recurring income Achieve diversification and yield pick-up through overseas investments; obtained approval to increase overseas investment to 40%; currently operating between 35~40% Strong ALM Discipline Well-diversified Portfolio Cost-effective Currency Hedging Enhance Investment Risk Management Diversification by asset class (equity, credit, currency, commodity, real estate) Diversification by strategy for uncorrelated sources of alpha (quantitative, value, etc.) Manage/ control investment risk by prudent SAA and TAA ranges Cooperated with leading consulting company to enhance investment processes and investment risk management Completed phase I of the Algo system (a cross-subsidiary market risk management platform) in April 2009 Target share of traditional hedges at 70~90% in the medium-long term Target hedging cost at 200 bps or below -*- * jhkhjkh hjghjg * jhkhjkh hjghjg * jhkhjkh hjghjg * jhkhjkh hjghjg * jhkhjkh hjghjg * jhkhjkh hjghjg * jhkhjkh hjghjg Shin Kong Financial Holding Corporate Governance and Disclosure, CFA Exam Preparation 公司治理與資訊揭露 / CFA考試簡介 (資料來源 新光金控、匯思訊、金證照) November 2009 -*- 講者簡介 李超儒 (Stan Lee) CFA (Chartered Financial Analyst) charterholder 現職:新光金控 IR Manager 經歷:新光金控 資深資本規畫專員 Citigroup – Fixed Income Sales (summer associate) 新光金

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