上周解釋了為何看似「值錢」的仙輪,突然隨市況急轉而變得灸手可熱。只要相關資產價格突破行使價,帶動「內在值」增加,加上對沖值急升,最終定必可為這類仙輪帶來數以倍數計的升幅。本周將繼續討論時間值對窩輪價格帶來的影響及如何挑選心儀產品。
上星期的例子是一些輕微價外及短年期的仙輪,只要到期前相關資產價格突破行使價,便能發揮最大的爆炸力。順帶一提的是,若正股的升幅不夠大,或是升得較為慢的話,因為這類產品對正股敏感度會較低,輪價的表現有機會差於預期。進而若正股靜止不動或是走勢相反的話,這類仙輪防守性就更低,最壞情況理論價值會低於1仙,發行商有機會未能提供買賣盤報價。因此,投資者切記莫因為這些仙輪看來很平,便貿然投放過多資金。反之這類產品只適合進取的投資者以少量資金博短線正股劇變,看錯方向的話產品將當作自動止蝕。
針對策略上較溫和的中長線投資者,在選擇窩輪時該把戰線拉長,以中長線年期及輕微價外證作部署,特點是每日的時間值損耗相對較低,即使相關資產以較溫和的速度走向預期的方向,或在走勢當中整固,這類產品的防守性仍是較高。不過,與此同時,由於產品的時間值含量較多,輪證價格看上去可能會較貴。
最後是一些「深入價內」的產品,一般來說,對沖值愈高,產品價格愈能跟貼正股走勢,因此有不少投資者會以此類窩輪去取代正股作長線持有。不過亦要提醒,若正股中長線走勢有變,令深入價內程度突然減少的話,這些產品亦難以獨善其身。
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