Ken Boyd
几乎所有的共同基金和交易所买卖基金（ETF）都有一定程度的汇率风险，因为操着这些投资组合的公司可能在多个国家运作。这些企业基于外币创造利润，这给投资者带来汇率风险。考虑到这些货币对冲成为降低风险的重要工具。
我们假设一些美国公司在英国有零售商店。母公司为英国商店提供资本，这就需要将美元兑换成英镑。同时我们假设1美元兑换2英镑。
母公司以美元形式公布财务数据。英国商店创造的利润必须从英镑转换成美元。如果现在的汇率变成1美元兑4英镑。那么兑换相同数量美元的英镑成本将增加一倍，这使得英镑价值降低。
共同基金和ETF也会出现同样的风险。如果你拥有一个基于英国股票的投资组合，你将面临汇率风险。你的投资组合的价值可能因为美国与英国之间汇率改变而降低，这是为什么货币对冲重要的原因之一。
1.排除长期风险
假设你拥有一个英镑计价的基金。你的投资目标是拥有在该国表现良好的公司。美元和英镑之间的汇率会根据经济和政治因素随时变化。由于这个原因，你需要对冲汇率风险使你拥有的基金在长期中受益。
2.外国股票增加投资多样性
你想要在美国和和外国拥有能适当多样化投资组合的公司。例如，前沿和新兴市场对想要接受更大风险并得到更大回报的投资者非常有吸引力。由于许多投资者都在国外投资，他们可以使用汇率对冲减少ETF和共同基金的风险。
3.期货合约
许多共同基金和ETF使用远期合约对冲汇率风险，这些合约可以使用任何主要货币购买。远期合约使购买者能锁定他们的购买货币。换句话说，汇率会在一个特定时间段被锁定。
但是购买远期合约需要一定的成本。这些合约能在汇率改变时保护投资组合的价值。我们以英镑为例，远期合约能在英镑相对美元价值下降时为投资者提供保护。另一方面，如果英镑价值上涨，则没有必要使用远期合约。
使用汇率对冲的基金相信对冲成本将由时间返还。基金的目标是减少汇率风险并接受购买远期基金的额外成本。
4.对冲汇率大幅下跌
货币对冲策略可以在一种货币价值大幅下跌时为投资者提供保护。假设两个共同基金完全由巴西公司组成。一个基金不对冲汇率风险。另一个基金拥有完全相同的股票组合但是购买了雷亚尔远期合约。
如果雷亚尔相对美元价值不变或者上涨，没有进行对冲的投资组合将获得更好的受益，因为它没有支付远期合约的成本。然而，当雷亚尔价值下跌时，购买对冲基金表现更好，因为该基金对冲了汇率风险。
政治和经济因素能引起汇率的大规模波动。在一些情况下，汇率的波动将非常巨大。对投资组合进行对冲可能会花费一些成本，但是能在货币价值大规模下跌时保护你的投资。
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.
本文翻译由兄弟财经提供
文章来源：http://www.investopedia.com/articles/forex/041416/4-reasons-currency-hedging-important.asp