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130–30 fund
A 130–30 fund or a ratio up to 150/50 is a type of collective investment vehicle, often a type of specialty mutual fund, but which allows the fund manager simultaneously to hold both long and short positions on different equities in the fund.〔(Performance, Benefits and Risks of Active-extension 130/30 Strategies )〕 Traditionally, mutual funds were long-only investments. 130–30 funds are a fast-growing segment of the financial industry; they should be available both as traditional mutual funds, and as exchange-traded funds (ETFs). While this type of investment has existed for a while in the hedge fund industry, its availability for retail investors is relatively new.〔(Article on 130–30 funds at Seeking Alpha )〕
A 130–30 fund is considered a long-short equity fund, meaning it goes both long and short at the same time. The "130" portion stands for 130% exposure to its long portfolio and the "30" portion stands for 30% exposure to its short portfolio. The structure usually ranges from 120–20 up to 150–50 with 130–30 being the most popular and is limited to 150/50 because of Reg T limiting the short side to 50%.
== The Mathematics of 130–30 ==
The 130–30 funds also known as 1X0/X0 funds give ordinary investors a taste of an investing strategy that has been popular among hedge funds, lightly regulated investment pools for institutions and high-net-worth individuals. Like other "long-short" mutual funds, the 130–30 funds have traditional "long" holdings of stocks but also sell other stocks "short" in a bet that prices will fall. In a short sale, investors sell borrowed shares with the hope of repurchasing them later at a lower price.
The 130–30 funds work by investing, say, $100 in a basket of stocks. They then short $30 in stocks that they believe to be overvalued. Proceeds from that short sale are then used to purchase an additional $30 in stocks thought to be undervalued. The name reflects the fact that the manager ends up with $130 invested in traditional long positions and $30 invested short. A common strategy is to use a traditional index, such as the S&P 500 or NASDAQ-100, and then rate the stocks comprising that index by a proprietary method; the top stocks would be held long, the bottom stocks short.〔(Article on 130–30 strategy at Investopedia )〕
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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