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我一直在深入研究新兴市场股票，特别是那些通胀较高、货币波动性较大的国家。当持有较长期限（例如1-3年）时，大家是如何处理货币风险的？我主要投资发达市场，那里的货币风险不那么明显。你们是部分通过远期合约对冲，还是使用期权，或者只是接受 $EMFX 的波动作为游戏的一部分？我担心的是，良好的本地回报会被货币贬值侵蚀。对于小头寸，任何关于实用、成本效益高的策略的想法都将不胜感激。
Ah, the classic 'how much sleep will I lose over this' question for EM. I've found that for 1-3 years, a full hedge can eat into too much of the potential upside, making you wonder why you bothered with the EM in the first place. Are you primarily looking at growth or yield in these positions?
That's a great question, and it really highlights the added complexity of EM. For 1-3 year horizons, I've found that outright forward contracts can get expensive due to wide basis, and options even more so. Many institutional investors often just take the currency risk as part of the total return equation, or use broad EM currency ETFs as a partial, indirect hedge.
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