南非投资者的最佳离岸配置是什么？

IF 1.2 4区经济学 Q3 BUSINESS, FINANCE Investment Analysts Journal Pub Date : 2023-08-09 DOI:10.1080/10293523.2023.2230750

Emlyn Flint

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What is the optimal offshore allocation for South African investors?

ABSTRACT In 2022, the South African Pensions Fund Act was changed to allow funds to allocate up to 45% of their portfolio to offshore investments. This is a material change to fund regulations and naturally prompts the question: what is the optimal offshore allocation? In this research, we implement two allocation frameworks commonly used in practice and show that such a question has no universally optimal answer and that any solution will be determined principally by five investment factors, with the most important of these being an investor’s return objectives or risk limits, and the investor’s ability to hedge currency risk. Based on these factors, we suggest practical guidelines to aid in setting strategic offshore allocation policies.

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来源期刊

Investment Analysts Journal BUSINESS, FINANCE-

CiteScore

1.90

自引率

11.10%

发文量

期刊介绍： The Investment Analysts Journal is an international, peer-reviewed journal, publishing high-quality, original research three times a year. The journal publishes significant new research in finance and investments and seeks to establish a balance between theoretical and empirical studies. Papers written in any areas of finance, investment, accounting and economics will be considered for publication. All contributions are welcome but are subject to an objective selection procedure to ensure that published articles answer the criteria of scientific objectivity, importance and replicability. Readability and good writing style are important. No articles which have been published or are under review elsewhere will be considered. All submitted manuscripts are subject to initial appraisal by the Editor, and, if found suitable for further consideration, to peer review by independent, anonymous expert referees. All peer review is double blind and submission is via email. Accepted papers will then pass through originality checking software. The editors reserve the right to make the final decision with respect to publication.