标题: Reading 34: Alternative Investm....olio Management－LOS m [打印本页]
作者: tycoon 时间: 2008-9-16 12:18 标题: [2008] Session 11－Reading 34: Alternative Investm....olio Management－LOS m
CFA Institute Area 8-11, 13: Asset Valuation
Session 11: Alternative Investments for Portfolio Management
Reading 34: Alternative Investments Portfolio Management
LOS m: Compare and contrast indirect and direct commodity investment.
作者: tycoon 时间: 2008-9-16 12:19
Indirect investment in commodities has become easier for all investors because of the:
| A) | decline in hedging activities of managers in firms that produce and/or deal in commodities. |
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| B) | increase in hedging activities of managers in firms that produce and/or deal in commodities. |
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| C) | increased number of hedge funds in these markets. |
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D) | the increase in the number of commodity indices. |
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Answer and Explanation
There has been an increase in the number of indices making it easier for smaller investors to invest in commodities and take derivative positions in commodities.
作者: tycoon 时间: 2008-9-16 12:19
Compared to indirect investments in commodities, direct investments offer:
| A) | less exposure to commodity returns and higher carrying costs. |
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| B) | more exposure to commodity returns and lower carrying costs. |
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C) | more exposure to commodity returns but higher carrying costs. |
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| D) | less exposure to commodity returns but lower carrying costs. |
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Answer and Explanation
Often indirect investments via investing in a company producing the commodity provide lower exposure because the managers hedge the very exposure the investor seeks. Direct investments in commodities incur costs of storage called carrying costs.
作者: tycoon 时间: 2008-9-16 12:20
Compared to direct investing in commodities, indirect investing is usually considered to be:
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| C) | just as convenient, which is very convenient. |
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| D) | just as convenient, which is not very convenient. |
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Answer and Explanation
This is generally true, but indirect investment via companies that deal in the commodity may provide limited exposure to the performance of the commodity.
[此贴子已经被作者于2008-9-18 17:18:57编辑过]
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