问题如下：
A $100 million portfolio is allocated 70% to diversified stock portfolio and 30% to stock XYZ. The manager wants to decrease the exposure to XYZ and invest the fund to S&P 500 index by equity swap. The manager decides to reduce one-half of the XYZ position. Suppose six months later, the return on XYZ is 2% and the return on index is -1%. Calculate the net cash flow the manager needs to pay in six months.
选项：
A.$150,000
B.$450,000
C.$300,000
解释：
B is correct.
考点：equity swap
解析：
Manger应该进入一个支付XYZ收益，收到S&P500 index收益的equity swap。
注意投资经理只想减少一半的XYZ股票头寸，即100*0.3*1/2=15million，所以互换的名义本金为15million。
Net cash flow=（-XYZ return + index return）* NP=（-2%-1%）*15,000,000=-$450,000
因此，投资经理需要支付450,000的现金。
这个题目因为支付的return为正，而收到的return为负，所以就出现了支付两个return的现象。
老师，想请问下，这个题目的net cash payment 为何manager只考虑euqity swap 期货市场的两个支出；对于现货市场上，R(XYZ)=2%的收入为何不一起考虑？
在这样的swap中，如何区分什么时候只考虑equity swap的净现金流，什么时候现货和期货市场都要考虑去求净头寸？
