Jul 13, 2018 14:12
5 yrs ago
6 viewers *
English term
France
17 years in legal/financial translation
Native in: French 
Works in: English to French, German to French
unequitised cash
English to French
Bus/Financial
Finance (general)
index portfolio
Bonjour à tous,
Je suis perplexe sur ce terme. pas trop de contexte, c'est une énumération dans le cadre du § contrôle des risques (portefeuille d'actions indexé) :
Le texte mélange allemand et anglais.
Maximale typische Abweichungen :
Länder +/- 10bps
Titel : +/-2bps
unequitised cash 20bps
ex-ante tracking error 10bps
Merci d'avance
Laurence Bourel
Je suis perplexe sur ce terme. pas trop de contexte, c'est une énumération dans le cadre du § contrôle des risques (portefeuille d'actions indexé) :
Le texte mélange allemand et anglais.
Maximale typische Abweichungen :
Länder +/- 10bps
Titel : +/-2bps
unequitised cash 20bps
ex-ante tracking error 10bps
Merci d'avance
Laurence Bourel
Proposed translations
(French)
| 4 | trésorerie non équitisée |
Marcombes (X)
|
| 4 -1 | argent liquide non investi dans des fonds indiciels cotés |
Francois Boye
|
Proposed translations
8 days
trésorerie non équitisée
Declined
entreprise à être équitisée avec un certain nombre de grands actionnaires,
-1
4 hrs
Francois Boye
United States
United States
Native in French
Specializes in field
United States
An economic geek with social skills
Native in: French
Works in: English to French, French to English, Spanish to English, and 1 more.
Related KudoZ points
:
964
argent liquide non investi dans des fonds indiciels cotés
Declined
https://advisors.vanguard.com/VGApp/iip/site/advisor/etfcent...
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Note added at 6 hrs (2018-07-13 20:43:21 GMT)
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Cash Equitization or Equalization
This is a fancy term for a straightforward concept. Cash equitization or equalization refers to the strategy of temporarily parking a large amount of cash in an ETF that has approximately the same asset class exposure and target risk desired by the investor, before investing it for the long term. Institutional investors generally implement this strategy when they have a temporary build-up of cash and want to avoid underperforming their benchmark through “cash drag” (which refers to the drag on performance caused by a large cash position). On the institutional side, this can occur, for instance when an institution is transitioning between managers or is looking for a new manager in a specific asset class. While a retail investor may be faced with a similar issue when transitioning between portfolio managers, cash equitization can also be used to deal with a large cash balance generated through the sale of a house or real estate, or receipt of a bonus. An investor considering cash equitization needs to keep two points kept in mind, however. Firstly, since investing in ETFs carries a significantly higher level of risk than leaving a large sum in cash or cash equivalents, the investor should be cognizant of this greater degree of risk. Secondly, there may be tax implications to getting in and out of the ETF that should be taken into consideration.
Source: Investopedia
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Note added at 9 hrs (2018-07-13 23:29:34 GMT)
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https://www.vanguardcanada.ca/documents/cost_advantage_advis...
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Note added at 19 days (2018-08-02 01:32:42 GMT)
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On peut aussi dire: 'argent liquide investi dans des fonds autres que les fonds indiciels cotés'
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Note added at 6 hrs (2018-07-13 20:43:21 GMT)
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Cash Equitization or Equalization
This is a fancy term for a straightforward concept. Cash equitization or equalization refers to the strategy of temporarily parking a large amount of cash in an ETF that has approximately the same asset class exposure and target risk desired by the investor, before investing it for the long term. Institutional investors generally implement this strategy when they have a temporary build-up of cash and want to avoid underperforming their benchmark through “cash drag” (which refers to the drag on performance caused by a large cash position). On the institutional side, this can occur, for instance when an institution is transitioning between managers or is looking for a new manager in a specific asset class. While a retail investor may be faced with a similar issue when transitioning between portfolio managers, cash equitization can also be used to deal with a large cash balance generated through the sale of a house or real estate, or receipt of a bonus. An investor considering cash equitization needs to keep two points kept in mind, however. Firstly, since investing in ETFs carries a significantly higher level of risk than leaving a large sum in cash or cash equivalents, the investor should be cognizant of this greater degree of risk. Secondly, there may be tax implications to getting in and out of the ETF that should be taken into consideration.
Source: Investopedia
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Note added at 9 hrs (2018-07-13 23:29:34 GMT)
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https://www.vanguardcanada.ca/documents/cost_advantage_advis...
--------------------------------------------------
Note added at 19 days (2018-08-02 01:32:42 GMT)
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On peut aussi dire: 'argent liquide investi dans des fonds autres que les fonds indiciels cotés'
Peer comment(s):
| neutral |
Germaine
: Les equitizations consistent essentiellement à souscrire des contrats à terme qui couvrent ou sont adossés à la position de trésorerie du fonds. Cette réponse désigne une autre approche, qui n'est pas la seule. // Cf. discussion.
19 mins
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just read the attachment!
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| disagree |
Daryo
: you have taken ONE way of investing temporarily available cash and turned it into the ONLY possible way of "equitizing" cash"
1 hr
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So what is the other way?
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Reference comments
2 hrs
Reference:
To equitize
To divide (real estate or other assets) among several investors and placed into publicly traded stock.
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Note added at 2 hrs (2018-07-13 17:12:39 GMT)
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Cash Securitization: The Challenge of Effective Liquidity Management
Although cash securitization (also known as cash equitization or cash overlay) has been implemented by institutional fund sponsors for many years, the topic remains esoteric for some...
https://www.parametricportfolio.com/insights-and-research/ca...
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Note added at 2 hrs (2018-07-13 17:12:39 GMT)
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Cash Securitization: The Challenge of Effective Liquidity Management
Although cash securitization (also known as cash equitization or cash overlay) has been implemented by institutional fund sponsors for many years, the topic remains esoteric for some...
https://www.parametricportfolio.com/insights-and-research/ca...
Reference:
Peer comments on this reference comment:
| neutral |
Francois Boye
: see the excerpt from investopedia
2 hrs
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Which? Where? Celui de ta réponse ne dit rien de la traduction et reprend l'explication de parametricportfolio : investir la trésorerie dans quelque instrument financier pour en tirer parti (en attendant une occasion de placement correspondant au fonds).
|
6 hrs
Andres Larsen
Venezuela
Venezuela
Native in English
Venezuela
freelance translator
Native in: English 
Works in: Spanish to English, English to Spanish, German to English, and 3 more.
Related KudoZ points
:
23
Reference:
apport en capitaux propres non rémunéré par des titres
plan comptable normalisé - eCDF - Etat.lu
https://ecdf.b2g.etat.lu/.../CA_PLANCOMPTA_FORMSTATIC_F...
115 Apport en capitaux propres non rémunéré par des titres ... 172 Plus-values immunisées réinvesties. 0179. 0180 ..... autres avoirs non encore reçus. 0829.
Recueil Electronique des Sociétés et Associations - gd.lu
https://gd.lu/resa/7ZS0kK -
19 oct. 2017 - contribution account (compte 115 Apport en capitaux propres non rémunéré par des titres ) may be set up. The Company may use the amount ...
Le plan comptable luxembourgeois dans le détail
www.fiduciaire-lpg.lu/fr/.../plan-comptable-luxembourgeois
7 jun. 2016 - 102 Capital souscrit non appelé (Sociétés de capitaux) ... 115 Apport en capitaux propres non rémunéré par des titres («Capital contribution») ...
https://ecdf.b2g.etat.lu/.../CA_PLANCOMPTA_FORMSTATIC_F...
115 Apport en capitaux propres non rémunéré par des titres ... 172 Plus-values immunisées réinvesties. 0179. 0180 ..... autres avoirs non encore reçus. 0829.
Recueil Electronique des Sociétés et Associations - gd.lu
https://gd.lu/resa/7ZS0kK -
19 oct. 2017 - contribution account (compte 115 Apport en capitaux propres non rémunéré par des titres ) may be set up. The Company may use the amount ...
Le plan comptable luxembourgeois dans le détail
www.fiduciaire-lpg.lu/fr/.../plan-comptable-luxembourgeois
7 jun. 2016 - 102 Capital souscrit non appelé (Sociétés de capitaux) ... 115 Apport en capitaux propres non rémunéré par des titres («Capital contribution») ...
Peer comments on this reference comment:
| disagree |
Daryo
: ??? strange method - these are only examples of your assumed translation - but where do you give any explanation/proof that it corresponds to the meaning of the term that was used used in the ST?
1 hr
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| neutral |
Germaine
: Euh... ça n'a rien à voir avec la question: apport en capital = capital/equity contribution. We're talking of the cash used - or not - by an investment fund to acquire securities, don't we?
4 hrs
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Discussion
Écarts maximaux typiques:
Pays : +/- 10 points de base
Titre : +/- 2 points de base
Trésorerie : 20 points de base
Erreur de suivi ex-ante: 10 points de base
(Par définition, dans un fonds, la trésorerie = encaisse non investie)
Ce que je lis sur le sujet me fait penser à de la titrisation (de trésorerie? de liquidités?), mais ce n'est qu'une piste de recherche.
Another reason for trading futures is to equitize cash. Say you are a portfolio manager with a $1 billion dollar S&P 500 portfolio. 100% of your portfolio will not be invested in the equities directly. There are a few reasons why but primarily it's to keep a cash buffer so you don't have to sell stocks (and incur transaction costs) to access some cash.
In an index portfolio the goal is the keep tracking error small, so having say 2% of your portfolio in cash can cause you to under/out perform (called "cash drag" or "cash pop"). So a PM will, in this case, buy S&P 500 futures so that the majority of that 2% cash now tracks the same benchmark and their total "unequitized" cash is now really small, like 0.01% of the portfolio.https://www.reddit.com/r/investing/comments/2megtf/why_do_pe...
Je suggère donc "liquidités non réinvesties" pour "unequitised cash" ?