CFA课后习题：另类投资.docx

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1、PRACTICEPROBLEMS1Whichofthefollowingisleastlikelytobeconsideredanalternativeinvestment?ARealestateBCommoditiesILong-onlyequityfunds2Privateequityfundsaremostlikelytouse:Amergerarbitragestrategies.Bleveragedbuyouts.(market-neutralstrategies.3AninvestorisseekinganinvestmentthatcantakelongandshortPoSit

2、ions,mayusemulti-strategies,andhistoricallyexhibitslowcorrelationwithatraditionalinvestmentportfolio.Theinvestorsgoalswillbebestsatisfiedwithaninvestmentin:Arealestate.Bahedgefund.(aprivateequityfund.Relativetotraditionalinvestments,alternativeinvestmentsareleastlikelytobecharacterizedby:Ahighlevels

3、oftransparency.Blimitedhistoricalreturndata.Isignificantrestrictionsonredemptions.5Alternativeinvestmentfundsaretypicallymanaged:Aactively.Btogeneratepositivebetareturn.(assumingthatmarketsareefficient.6Comparedwithtraditionalinvestments,alternativeinvestmentsaremoreUkelytohave:Agreateruseofleverage

4、.Blong-onlypositionsinliquidassets.(moretransparentandreliableriskandreturndata.7Thepotentialbenefitsofallocatingaportionofaportfoliotoalternativeinvestmentsinclude:Aeaseofmanagerselection.Bimprovementintheportfoliosrisk-returnrelationship.(accessibleandreliablemeasuresofriskandreturn.8Aninvestormay

5、preferasinglehedgefundtoafundoffundsifheseeks:Aduediligenceexpertise.Bbetterredemptionterms.Ialesscomplexfeestructure.9Hedgefundsaresimilartoprivateequityfundsinthatboth:Aaretypicallystructuredaspartnerships.2019CFAInstitute.AUrightsreserved.Bassessmanagementfeesbasedonassetsundermanagement.Cdonotea

6、rnanincentivefeeuntiltheinitialinvestmentisrepaid.10Aninvestorseeksacurrentincomestreamasacomponentoftotalreturn,anddesiresaninvestmentthathistoricallyhaslowcorrelationwithotherassetclasses.Theinvestmentmostlikelytoachievetheinvestor,sgoalsis:Atimberland.Bcollectibles.(commodities,11Bothevent-driven

7、andmacrohedgefundstrategiesuse:Along-shortpositions.Batop-downapproach.(long-termmarketcycles.12Hedgefundlossesaremostlikelytobemagnifiedbya:Amargincall.Blockupperiod.Iredemptionnoticeperiod.13fefirststageoffinancingatwhichaventurecapitalfundmostlikelyinvestsisthe：Aseedstage.Bmezzaninestage.Cangelin

8、vestingstage.14Whatisthemostsignificantdrawbackofarepeatsalesindextomeasurereturnstorealestate?ASampleselectionbiasBUnderstatementofvolatility(Relianceonsubjectiveappraisals15Comparedwithdirectinvestmentininfrastructure,publiclytradedinfrastructuresecuritiesarecharacterizedby：Ahigherconcentrationris

9、k.Rmore-transparentgovernance.(greatercontrolovertheinfrastructureassets.16Anequityhedgefundfollowingafundamentalgrowthstrategyusesfundamentalanalysistoidentifycompaniesthataremostlikelyto:Abeundervalued.Bbeeitherundervaluedorovervalued.Cexperiencehighgrowthandcapitalappreciation.17Whichofthefollowi

10、ngismostlikelytobeavailablewhenconductinghedgefundduediligence?AQebenchmarkusedbythefundBInformationonsystemsriskmanagement(Detailsofinvestmentstrategiesandprocesses18AprivateequityfunddesiringtorealizeanimmediateandcompletecashexitfromaportfoliocompanyismostUkelytopursuea(n):AIPO.Btradesale.Crecapi

11、talization.19Astheloa-to-valueratioincreasesforarealestateinvestment,riskmostlikelyincreasesfor:Adebtinvestorsonly.Bequityinvestorsonly.(bothdebtandequityinvestors.20Whichofthefollowingformsofinfrastructureinvestmentsisthemostliquid?AAnunlistedinfrastructuremutualfundBAdirectinvestmentinagreenfieldp

12、roject(Anexchange-tradedmasterlimitedpartnership(MLP)21Aninvestorchoosestoinvestinabrownfieldratherthanagreenfieldinfrastructureproject.Theinvestorismostlikelymotivatedby:Agrowthopportunities.Bpredictablecashflows.(higherexpectedreturns.22Theprivatizationofanexistinghospitalisbestdescribedas：agreenf

13、ieldinvestmentBabrownfieldinvestment.Ianeconomicinfrastructureinvestment.23Ahedgefundinvestsprimarilyindistresseddebt.Quotedmarketpricesareavailablefortheunderlyingholdingsbuttheytradeinfrequently.Whichofthefollowingwillthehedgefundmostlikelyuseincalculatingnetassetvaluefortradingpurposes?AAveragequ

14、otesBAveragequotesadjustedforliquidity(Bidpricesforshortpositionsandaskpricesforlongpositions24Angelinvestingcapitalistypicallyprovidedinwhichstageoffinancing?ALater-stage.BFormative-stage.CMezzanine-stage*25Ifacommodity,sforwardcurveisincontango,thecomponentofacommoditiesfuturesreturnmostlikelytore

15、flectthisis：Aspotprices.Btherollyield.Cthecollateralyield.26UnitedCapitalisahedgefundwithS250millionofinitialcapital.Unitedchargesa2%managementfeebasedonassetsundermanagementatyearend,anda20%incentivefeebasedonreturnsinexcessofan8%hurdlerate.Initsfirstyear,Unitedappreciates16%.Assumemanagementfeesarecalculatedusingend-ofperiodvaluation.Theinvestorsnetreturnassumingtheperformancefeeiscalculatednetofthemanagementfeeisclosestto:A11.58%.B12.54%.C12.80%.27CapricornFundofFundsinvestsGBPI(X)millionineachofAlphaHedgeFundandABCHedgeFund.CapricornFOFhasa“】and10feestructure