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Case Scm Essay

2774 words - 12 pages

Strategic Capital Management, LLC
Pada tanggal 9 Desember 1998, sebagai seorang hedge fund manager, Elena King mempertimbangkan pilihan yang ia miliki terkait dengan alokasi investasi yang akan dilakukannya untuk Strategic Capital Management, LLC, sebuah perusahaan hedge fund yang didirikannya bersama dengan kedua orang mitra. Didasari oleh hasil penelitian dari para analis terhadap prospek investasi sektor Internet yang menjanjikan, Elena tertarik dengan initial public offering yang baru saja dilakukan oleh Ubid, perusahaan yang bergerak dalam kegiatan lelang berbasis internet, yang merupakan anak perusahaan Creative Computer.
Creative Computer merupakan perusahaan distributor komputer ...view middle of the document...

Bersamaan dengan Ubid, Creative Computer pun mengalami kesuksesan tersendiri dimana terjadi peningkatan penjualan sebesar 51% (39% jika tanpa Ubid) di kuarter ketiga tahun 1997. Terjadi juga peningkatan pendapatan di kuarter ketiga 1998, yang jika investasi Ubid ditiadakan, merupakan nilai pendapatan terbesar sejak kuarter ketiga 1997.
SCM menjanjikan annual return sebesar 10%, tetapi memberlakukan biaya manajemen sebesar 2% pada aset, 20% pada profit investasi hedge fund, dan mengharuskan investor untuk mendiamkan dana investasi mereka selama minimal 2 tahun. Elena sebagai hedge fund manager SCM sedang menaruh perhatian terhadap Ubid. Pada saat itu (9 Desember 1998), tercatat saham Creative Computer bernilai $ 22.75, dan saham Ubid bernilai $ 35.6875.

Hedge Fund
Hedge fund merupakan salah satu jenis kendaraan alternatif dalam berinvestasi untuk beberapa investor dengan aset yang signifikan (barclayhedge.com). Hedge fund berusaha untuk menciptakan suatu bentuk investasi terdiversifikasi yang menjanjikan suatu tingkat return yang cukup tinggi dan cukup beresiko. Hedge fund menggunakan dana terkumpul dari para investor besar dan menggunakan strategi agresif untuk dapat menghasilkan return bagi para investor (investopedia.com). Dikarenakan hedge fund tidak berada di bawah regulasi SEC, maka hedge fund memiliki tingkat fleksibilitas yang tinggi dalam penggunaan instrumen finansial dan strategi investasi. Hedge fund menggunakan strategi agresif termasuk short selling, leverage, program trading, swaps, arbitrage, dan derivatives. Tetapi berdasarkan hukum, sebuah lembaga hedge fund tidak boleh memiliki lebih dari 100 investor (investorwords.com). Hedge fund memberlakukan management fee dengan range 1% - 4%, dan performance fee, berupa persentase bagi hasil return positif yang diperoleh melalui kegiatan investasi dalam hedge fund.
Terdapat beberapa keuntungan dan kerugian dalam melakukan investasi melalui hedge fund. Beberapa keuntungan yang dapat diperoleh melalui kegiatan investasi hedge fund adalah:
1. Flexibility
Hedge fund tidak harus berada di bawah pengawasan regulasi SEC (Securities and Exchange Commission), menyebabkan dalam menerapkan strategi investasi, hedge fund memiliki tingkat fleksibilitas yang cukup tinggi. Dengan tingkat fleksibilitas yang tinggi, hedge fund manager dapat menggunakan strategi investasi dan instrumen finansial yang beragam, tanpa dibatasi oleh peraturan tertentu. Berbeda dengan reksadana (mutual fund) yang harus berada di bawah pengawasan SEC, reksadana tidak dapat menerapkan beberapa strategi agresif investasi. Hedge fund manager semakin dipermudah untuk mencapai tingkat return yang tinggi ketika tidak begitu banyak regulasi yang mengekangnya.
2. Aggressive Strategy
Hedge fund menggunakan strategi investasi agresif untuk menghasilkan return yang tinggi, menyebabkan tingkat return yang dihasilkan lebih tinggi dibandingkan dengan kendaraan investasi lain. Strategi yang diterapkan tentunya dapat jauh...

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