标题: Reading 34: Alternative Investments Portfolio Management－ [打印本页]
作者: tycoon 时间: 2008-9-16 11:30 标题: [2008] Session 11－Reading 34: Alternative Investments Portfolio Management－
CFA Institute Area 8-11, 13: Asset Valuation
Session 11: Alternative Investments for Portfolio Management
Reading 34: Alternative Investments Portfolio Management
LOS a: Characterize the common features of alternative investments and their markets, and discuss how they may be grouped by the role they typically play in a portfolio.
作者: tycoon 时间: 2008-9-16 11:31
With respect to the role of alternative assets in a portfolio, it can be best described as exposure to:
A) | unique asset classes and/or special investment strategies. |
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| B) | unique asset classes only. |
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| C) | special investment strategies. |
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| D) | neither unique asset classes and/or special investment strategies. |
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Answer and Explanation
We can categorize alternative investments into three categories corresponding to the role they play in the portfolio. - Exposure to asset classes that stocks and bonds cannot provide.
- Exposure to special investment strategies such as those used by hedge funds.
- Investments that use both special strategies and unique asset classes (e.g., funds that invest in private equity and distressed securities).
- Exposure to asset classes that stocks and bonds cannot provide.
- Exposure to special investment strategies such as those used by hedge funds.
- Investments that use both special strategies and unique asset classes (e.g., funds that invest in private equity and distressed securities).
作者: tycoon 时间: 2008-9-16 11:31
With respect to due diligence costs and liquidity, in comparing alternative investments to exchange traded stocks, the markets for alternative investments have:
A) | less liquidity and higher due diligence costs. |
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| B) | more liquidity and higher due diligence costs. |
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| C) | more liquidity and lower due diligence costs. |
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| D) | less liquidity and lower due diligence costs. |
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Answer and Explanation
The common features are: low liquidity, provide good diversification, due diligence costs are high, difficult appraisals, and the markets for alternative investments are informationally less efficient than most stock markets.
作者: tycoon 时间: 2008-9-16 11:32
With respect to information efficiency and potential for diversification, in comparing alternative investments to exchange traded stocks, the markets for alternative investments are:
| A) | more informationally efficient and provide more opportunity for diversification. |
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B) | less informationally efficient and provide more opportunity for diversification. |
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| C) | less informationally efficient and provide less opportunity for diversification. |
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| D) | more informationally efficient and provide less opportunity for diversification. |
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Answer and Explanation
Alternative investments can provide exposure to unique risks and trading strategies and thus provide good diversification to a stock and bond portfolio. The markets for alternative investments are informationally less efficient than most stock markets.
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