Скачать или смотреть CA Final AFM | Full Hedge Using NIFTY Futures | Beta, Futures Pricing & Hedge | ICAI Q 13 Solved

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🎯 What This Video Covers:
In this video from The Imperfect CA, we solve an advanced-level question from the CA Final AFM Derivatives chapter – testing key concepts like portfolio beta, futures pricing using continuous compounding, and hedging strategy using NIFTY futures.

We also address a real-world problem – the investor wants to protect his diversified portfolio by choosing how much hedge to apply (full, partial, over-hedge).

📌 Topics Covered:
• How to calculate beta of a multi-stock portfolio
• Continuous compounding formula in futures pricing
• Theoretical value of Index Futures
• Choosing between May and June NIFTY futures contracts
• How many contracts to sell for:
 – Full hedge (100%)
 – Partial hedge (50%)
 – Over-hedge (120%)
• Portfolio protection strategies using derivatives
• Smart presentation style for multi-part questions
• CA exam-ready formatting using screen + stylus

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📘 Question Snapshot (ICAI Style):
On 1st April 2015, an investor holds a portfolio of 8 different securities. Concerned about a market fall, he wants to hedge using NIFTY futures. You are asked to:
1️⃣ Calculate the weighted average beta of the portfolio
2️⃣ Find the theoretical price of NIFTY futures for May and June
3️⃣ Calculate the number of NIFTY contracts needed to hedge:
 • 100% of the portfolio
 • 50% of the portfolio
 • 120% of the portfolio
Given NIFTY spot = 8500, futures quoted at 8700 (May) & 8850 (June), and e^rt values.

📚 Appears in:
– ICAI Study Material (AFM – Derivatives)
– RTPs & MTPs – Risk Management section
– Commonly tested in exam case-study format
– Important for ICAI numerical + concept-based blend

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🎓 Who Should Watch This:
• CA Final AFM Students – Sep 2025 / Jan 2026 / May 2026
• Anyone struggling with beta, futures pricing, or portfolio hedging
• Students practicing Study Material, RTP, MTP, or past papers
• Learners who want to develop deep, exam-smart conceptual clarity
• MBA/CFA students revising derivative applications practically

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🧠 Student Tip:
For questions involving % hedging (partial/overhedging), always calculate hedge ratio first, and adjust accordingly. Use futures that align with the investment horizon.

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🎥 About This Channel – “The Imperfect CA”
Here, you’ll find:
• Fully solved ICAI AFM content (Study Mat, RTP, MTP, PP)
• Conceptual videos + exam-smart strategies
• 100% iPad-based learning without face cam
• A CA-led platform focused on real clarity – not just quick fixes

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