Bu bölümde, varantların farklı piyasa beklentilerine göre nasıl kullanılabileceğine dair temel yatırım stratejileri ele alınmaktadır. Riskten korunma, yükseliş ve düşüş beklentilerine yönelik alım ve satım varantlarının kullanımına ilişkin örnekler ile varantların portföy yönetiminde nasıl değerlendirilebileceği açıklanmaktadır.
Warrants can be used to hedge investors' portfolios against risk.
Investors can hedge their portfolios by buying put warrants against a possible loss of value in their equity portfolios. In this way, since the value of put warrants will increase in the face of a possible stock price decline, they can limit or eliminate the loss of their existing portfolios with the profit they can make from the warrant. In the event that there is no stock price decline, only the premium paid when buying the SELL warrant will be lost. The premium paid here can be considered as an insurance premium.
In addition, investors who want to realize potential profits in their stock portfolios can also take advantage of future increases by buying BUY warrants with some of the profits they make while closing the positions they carry. Thus, in the event of a price decline, they can realize their portfolios on time, and in the event of a price increase, they can share this upward movement with the BUY warrants they own.
An investor who expects the price of an underlying asset to rise may buy a BUY warrant on that underlying asset. In response to an increase in the price of the underlying asset, the BUY warrant may increase in value, the warrant price may rise above the cost price and the investor may start to make a profit. For example, let the spot price of ABC stock be 14.00 TRY, the price of a call warrant with an exercise price of 14.50 and an underlying price of ABC stock be 0.40 TRY and the delta be 0.5. In case the spot price of ABC stock rises to 15.00 TRY, if we neglect the loss of time value, the price of the warrant will increase by the delta ((15.00 - 14.00) * 0.50 = 0.50 TRY)) to 0.90 TRY. This means that the value of the BUY warrant will increase as the spot price increases. Transaction costs should not be ignored when calculating profit. If the expectation is not realized, the investor may sell the warrant as long as the warrant has value. The maximum possible loss of the investor will be equal to the warrant price, i.e. the warrant premium paid when buying the warrant.
An investor who expects the price of the underlying asset to fall may buy a SELL warrant for that underlying asset. In the face of a decline in the price of the underlying asset, the SELL warrant may increase in value, the warrant price may rise above the cost price and the investor may start to make a profit. For example, let the spot price of ABC stock be 14.00 TRY, the price of a call warrant with an exercise price of 13.50 and an underlying price of ABC stock be 0.60 TRY and the delta be 0.5. In case the spot price of ABC stock falls to 13.00 TRY, if we neglect the loss of time value, the price of the warrant will increase by the delta ((14.00 - 13.00) * 0.50 = 0.50 TRY)) to 1.10 TRY. This means that the value of the SELL warrant will increase as the spot price decreases. Transaction costs should not be ignored when calculating profit. If the expectation is not realized, the investor may sell the warrant as long as the warrant has value. The maximum possible loss of the investor will be the warrant price, i.e. the warrant premium paid when buying the warrant.
