Kockázatsemleges

Kockázatsemleges refers to a state or condition where there is no net risk involved. In finance, it specifically describes a portfolio or investment strategy designed to eliminate or significantly reduce market risk. This is typically achieved by balancing assets with opposing sensitivities to market movements. For example, a perfectly risk-neutral portfolio would not change in value regardless of whether the overall market goes up or down.

The concept is central to option pricing theory, particularly the Black-Scholes model. In this context, risk-neutrality is not a description of investors' actual preferences but rather a mathematical construct. It allows for the calculation of option prices by assuming that the underlying asset's expected return is equal to the risk-free rate. This simplification makes it possible to derive a unique price for the option without needing to know the actual expected return of the asset or the investors' risk aversion.

While a true risk-neutral portfolio is difficult to achieve in practice due to factors like transaction costs, discrete hedging, and changing market conditions, the principle guides many hedging strategies. Traders and portfolio managers often aim to create portfolios that are approximately risk-neutral with respect to specific risks, such as changes in interest rates or currency exchange rates, to protect their positions. The goal is to neutralize the impact of certain market variables on the portfolio's value.