Deutsch
EnglishAktives Währungsmanagement zur Risikominimierung nutzen
The article is not available in the chosen language und will therefore be displayed in the default language.
Ein Team von Metzler Capital Markets, bestehend aus Mario Mattera, Mitglied des Vorstands des Bankhauses Metzler, Achim Walde, Head of Currency Management Advisory, und Simon Wesch, Head of Currency Management Operations, war vor kurzem auf Japanreise, um dort gemeinsam mit der Metzler Asset Management Limited (Japan) (MAMJ) institutionelle japanische Bestandskunden für Reportingzwecke zu besuchen. Im März 2022 hatte Metzler Capital Markets in Zusammenarbeit mit MAMJ das erste Währungsabsicherungsmandat für einen großen japanischen Pensionsfonds gewonnen. In institutionellen Portfolios – insbesondere in Japan – gibt es teils umfangreiche Anlagen in Fremdwährungen, die in der Regel über das Basisinvestment ins Portfolio kommen.
„Das aktuelle Niedrigzinsumfeld, das stagnierende Wirtschaftswachstum und der schrumpfende Binnenmarkt in Japan aufgrund des demographischen Wandels haben dazu geführt, dass japanische institutionelle Investoren verstärkt im Ausland investieren, um ihre Chance auf Rendite zu erhöhen. Entsprechend erhöht sich das Fremdwährungsexposure“, so Hiroki Wiesheu, President und CEO der MAMJ. Ein höherer Bedarf nach einer Absicherung von Fremdwährungsrisiken ist deshalb vonnöten.
„Der US-Dollar wertete beispielsweise nach dem Angriff Russlands auf die Ukraine massiv auf, was auch die Entwicklung anderer internationaler Währungen beeinflusste. Für institutionelle Investoren bergen solche Ereignisse Risiken, da die Preise ihrer verwalteten Assets in Fremdwährungen stark schwanken. Diese Risiken zu minimieren, ist die Aufgabe eines Währungsmanagers, der internationale Erfahrung hat“, ergänzt Walde. Ob man Währungsrisiken absichert oder nicht, sollte daher auch nicht auf Ebene einer einzelnen Währung und für eine Asset-Klasse isoliert entschieden werden, sondern auf der übergeordneten Ebene des gesamten Portfolios – alle Basisinvestments und Währungseffekte eingeschlossen. Wenn Fremdwährungsrisiken minimiert werden, verbessert sich das Risiko-Ertrag-Profil des gesamten Portfolios.
Currency-Overlay ist eine Sicherungsstrategie für Fremdwährungsrisiken. Ziel dabei ist die Begrenzung von Währungsverlusten bei gleichzeitiger Chance auf eine Partizipation an positiven Kursentwicklungen. Bei Auslandsinvestitionen erfolgt ein Umtausch der Landeswährung in die Fremdwährung des Landes, in dem die Gelder investiert werden – es kommt also zu einer Währungsumrechnung. Wenn die Investition später wieder in die ursprüngliche Währung umgetauscht wird, erfolgt eine weitere Umrechnung zu dem zu diesem Zeitpunkt geltenden Kurs. Die Differenz zwischen den beiden Wechselkursen kann zu einem Gewinn oder einem Verlust führen. Infolgedessen können Investitionen allein aufgrund der Wechselkursumrechnung an Wert gewinnen oder verlieren. Das Currency Overlay dient also dazu, die Auswirkungen starker Währungsschwankungen auf die Portfoliorendite zu reduzieren.
Metzler Currency Management steht für langjährige Expertise im Währungsbereich und berät institutionelle Kunden und Unternehmen beim strategischen Währungsmanagement. Mit dem Angebot passiver und aktiver FX-Overlay-Konzepte, unterstützt durch fachlichen Support, bietet Metzler seinen Kunden maßgeschneiderte Lösungen zu sämtlichen Problemstellungen im Währungsmanagement aus einer Hand.
More articles
This electronic communication, including any attachments hereto (together, the “Communication”), constitutes marketing material published by B. Metzler seel. Sohn & Co. AG (“Metzler”).
This Communication is confidential and intended solely for the addressee. If you are not the intended recipient, please advise us immediately and delete it. This Communication is provided for information purposes only and may not be duplicated, redistributed, forwarded to third parties or otherwise published. This Communication is not intended for distribution to, or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. This Communication is addressed exclusively to eligible counterparties and professional clients. It is thus not suitable for retail clients.
This Communication is based on information which is generally available and which Metzler believes to be fundamentally reliable. Metzler has not verified the accuracy or completeness of the information, however, and thus provides no warranty or representation in respect of the accuracy or completeness of the information, opinions, estimates, recommendations and forecasts contained in this Communication. Neither Metzler nor any of its shareholders or employees may be held liable for damages or any other disadvantage suffered due to inaccurate or incomplete information, opinions, estimates, recommendations or forecasts resulting from the distribution or use of this Communication or in connection with this Communication in any way.
This Communication does not constitute or form part of any offer or solicitation of any offer to buy securities, other financial instruments or other investment instruments. This Communication does not meet the legal requirements for ensuring impartiality of investment recommendations pursuant to Section 85 of the German Securities Trading Act (WpHG) in conjunction with Section 20 (1) of Regulation (EU) No. 596/2014 of the European Parliament and of the Council of April 16, 2014 regarding market abuse (Market Abuse Regulation) to which Articles 4 and 6 of the Delegated Regulation (EU) 2016/958 of the Commission of March 9, 2016 apply in addition to the Market Abuse Regulation. This Communication does not take account of the particular investment objectives, financial situation or needs of individual recipients nor does it constitute personal investment advice. Metzler does not act as investment advisor or portfolio manager in preparing and submitting this Communication. Recipients must make their own investment decisions in accordance with their specific financial situation and investment objectives, based on independent processes and analyses, taking sales or other prospectuses, information memoranda and other investor information into account, and consult with an independent financial advisor where necessary. Recipients should note that any information regarding past performance should not be relied upon as an indication of future performance and should therefore not form the basis of any decision whether or not to invest in any financial instruments.
The information, opinions, estimates, recommendations and forecasts contained in this Communication reflect the personal views of the author/sender at the time of publication on the financial instruments or issuers that form the subject of this Communication and do not necessarily reflect the opinions of Metzler (including any research publications compiled by Metzler relating to the financial instruments or issuers discussed in this Communication), the issuer or third parties. They may also be subject to change on account of future events and developments. Metzler has no obligation to amend, supplement or update this Communication or to otherwise notify recipients in the event that any information, opinions, estimates, recommendations or forecasts stated herein should change or subsequently become inaccurate, incomplete or misleading. The model calculations contained in this Communication, if any, are examples showing the possible performance and are based on various assumptions (e.g. regarding earnings and volatility). The actual performance may be higher or lower, depending on market trends and on the correctness of assumptions underlying the model calculations. Accordingly, actual performance cannot be guaranteed, warranted or assured.
Recipients should assume that (a) Metzler is entitled to acquire orders for investment banking, securities or other services from or with companies that form the subject of research publications and that (b) analysts who were involved in preparing research publications may, within the scope of regulatory laws, be indirectly involved in the acquisition of such orders.
Metzler and its employees may hold positions in securities of the companies analysed or in other investment objects or may conduct transactions with such securities or investment objects (please also see the information on potential conflicts of interest applicable to Metzler and its affiliates that is available on our website).
Metzler reserves all copyrights and rights of use, including those relating to electronic media.
Metzler cannot provide absolute assurances that all of Metzler’s electronic communications (sent or received) are secure, error free, not corrupted, complete or virus free and/or that they will not be lost, mis-delivered, destroyed, delayed or intercepted/decrypted by others. Therefore, Metzler, to the extent permitted under applicable law, disclaims all liability with regards to electronic communications (and the contents therein) if they are corrupted, lost destroyed, delayed, incomplete, mis-delivered, intercepted, decrypted or otherwise misappropriated by others. Insofar as Metzler provides hyperlinks to any third party websites, this does not mean that Metzler confirms, recommends or warrants any data contained on the linked sites or data which can be accessed from such sites. Metzler accepts no liability for links or data, nor for any consequences which may arise as a result of following the links and/or using the data.
This Communication is subject to the laws of the Federal Republic of Germany. Venue of jurisdiction for any disputes shall be Frankfurt am Main, Germany.