April 19, 2016 - Matt Moran
Join Us For Lunch With Speaker Matt Moran
New Studies on Funds’ Use of Options for Managing Volatility
|Date||Tuesday, April 19, 2016|
|Time||Networking 11:30 am – 12:00, Lunch – 12:00pm – 1:00pm|
|Location||Fleming’s Prime Steakhouse at the Domain
11600 Century Oaks Terrace, Austin, TX 78758 • 512-835-9463
|Speaker||Matt Moran, Vice President, Business Development at Chicago Board Options Exchange|
New, first-ever studies on use of options by more than 80 Investment Company funds were published in 2015, and results of the studies will be presented. Funds use options with the goals of managing portfolio risk, increasing income, and enhancing long-term risk-adjusted returns. This presentation discusses a number of risk-management strategies and related benchmark indices, including the protective put, the buy-write, the collateralized put-write, the protective collar, and the use of futures and options on the CBOE Volatility Index (VIX) that measures implied volatility. Twenty-five years of historical data show that certain options-based benchmark indices have generated attractive risk-adjusted returns, with stock-like returns and bond-like volatility. A key source of return for options writers has been a persistence of “overpricing” for index options.
About Matt Moran
Mr. Matthew Moran is vice president of business development for the Chicago Board Options Exchange (CBOE), where he is responsible for many of the exchange’s educational efforts for pension funds, mutual funds, and other institutional investors. Previously, he was trust counsel at Harris Bank and vice president at Chicago Mercantile Exchange. He is an associate editor of two Institutional Investor publications — The Journal of Trading and The Journal of Index Investing. Mr. Moran holds JD and MBA degrees from the University of Illinois.