CFA课后习题：另类投资.docx

PRACTICEPROBLEMS1Whichofthefollowingisleastlikelytobeconsideredanalternativeinvestment?ARealestateBCommoditiesILong-onlyequityfunds2Privateequityfundsaremostlikelytouse:Amergerarbitragestrategies.Bleveragedbuyouts.(market-neutralstrategies.3AninvestorisseekinganinvestmentthatcantakelongandshortPoSitions,mayusemulti-strategies,andhistoricallyexhibitslowcorrelationwithatraditionalinvestmentportfolio.Theinvestor'sgoalswillbebestsatisfiedwithaninvestmentin:Arealestate.Bahedgefund.(aprivateequityfund.Relativetotraditionalinvestments,alternativeinvestmentsareleastlikelytobecharacterizedby:Ahighlevelsoftransparency.Blimitedhistoricalreturndata.Isignificantrestrictionsonredemptions.5Alternativeinvestmentfundsaretypicallymanaged:Aactively.Btogeneratepositivebetareturn.(assumingthatmarketsareefficient.6Comparedwithtraditionalinvestments,alternativeinvestmentsaremoreUkelytohave:Agreateruseofleverage.Blong-onlypositionsinliquidassets.(moretransparentandreliableriskandreturndata.7Thepotentialbenefitsofallocatingaportionofaportfoliotoalternativeinvestmentsinclude:Aeaseofmanagerselection.Bimprovementintheportfolio'srisk-returnrelationship.(accessibleandreliablemeasuresofriskandreturn.8Aninvestormaypreferasinglehedgefundtoafundoffundsifheseeks:Aduediligenceexpertise.Bbetterredemptionterms.Ialesscomplexfeestructure.9Hedgefundsaresimilartoprivateequityfundsinthatboth:Aaretypicallystructuredaspartnerships.©2019CFAInstitute.AUrightsreserved.Bassessmanagementfeesbasedonassetsundermanagement.Cdonotearnanincentivefeeuntiltheinitialinvestmentisrepaid.10Aninvestorseeksacurrentincomestreamasacomponentoftotalreturn,anddesiresaninvestmentthathistoricallyhaslowcorrelationwithotherassetclasses.Theinvestmentmostlikelytoachievetheinvestor,sgoalsis:Atimberland.Bcollectibles.(commodities,11Bothevent-drivenandmacrohedgefundstrategiesuse:Along-shortpositions.Batop-downapproach.(long-termmarketcycles.12Hedgefundlossesaremostlikelytobemagnifiedbya:Amargincall.Blockupperiod.Iredemptionnoticeperiod.13fefirststageoffinancingatwhichaventurecapitalfundmostlikelyinvestsisthe：Aseedstage.Bmezzaninestage.Cangelinvestingstage.14Whatisthemostsignificantdrawbackofarepeatsalesindextomeasurereturnstorealestate?ASampleselectionbiasBUnderstatementofvolatility(Relianceonsubjectiveappraisals15Comparedwithdirectinvestmentininfrastructure,publiclytradedinfrastructuresecuritiesarecharacterizedby：Ahigherconcentrationrisk.Rmore-transparentgovernance.(greatercontrolovertheinfrastructureassets.16Anequityhedgefundfollowingafundamentalgrowthstrategyusesfundamentalanalysistoidentifycompaniesthataremostlikelyto:Abeundervalued.Bbeeitherundervaluedorovervalued.Cexperiencehighgrowthandcapitalappreciation.17Whichofthefollowingismostlikelytobeavailablewhenconductinghedgefundduediligence?AQebenchmarkusedbythefundBInformationonsystemsriskmanagement(Detailsofinvestmentstrategiesandprocesses18AprivateequityfunddesiringtorealizeanimmediateandcompletecashexitfromaportfoliocompanyismostUkelytopursuea(n):AIPO.Btradesale.Crecapitalization.19Astheloa-to-valueratioincreasesforarealestateinvestment,riskmostlikelyincreasesfor:Adebtinvestorsonly.Bequityinvestorsonly.(bothdebtandequityinvestors.20Whichofthefollowingformsofinfrastructureinvestmentsisthemostliquid?AAnunlistedinfrastructuremutualfundBAdirectinvestmentinagreenfieldproject(Anexchange-tradedmasterlimitedpartnership(MLP)21Aninvestorchoosestoinvestinabrownfieldratherthanagreenfieldinfrastructureproject.Theinvestorismostlikelymotivatedby:Agrowthopportunities.Bpredictablecashflows.(higherexpectedreturns.22Theprivatizationofanexistinghospitalisbestdescribedas：agreenfieldinvestmentBabrownfieldinvestment.Ianeconomicinfrastructureinvestment.23Ahedgefundinvestsprimarilyindistresseddebt.Quotedmarketpricesareavailablefortheunderlyingholdingsbuttheytradeinfrequently.Whichofthefollowingwillthehedgefundmostlikelyuseincalculatingnetassetvaluefortradingpurposes?AAveragequotesBAveragequotesadjustedforliquidity(Bidpricesforshortpositionsandaskpricesforlongpositions24Angelinvestingcapitalistypicallyprovidedinwhichstageoffinancing?ALater-stage.BFormative-stage.CMezzanine-stage*25Ifacommodity,sforwardcurveisincontango,thecomponentofacommoditiesfuturesreturnmostlikelytoreflectthisis：Aspotprices.Btherollyield.Cthecollateralyield.26UnitedCapitalisahedgefundwithS250millionofinitialcapital.Unitedchargesa2%managementfeebasedonassetsundermanagementatyearend,anda20%incentivefeebasedonreturnsinexcessofan8%hurdlerate.Initsfirstyear,Unitedappreciates16%.Assumemanagementfeesarecalculatedusingend-ofperiodvaluation.Theinvestor'snetreturnassumingtheperformancefeeiscalculatednetofthemanagementfeeisclosestto:A11.58%.B12.54%.C12.80%.27CapricornFundofFundsinvestsGBPI(X)millionineachofAlphaHedgeFundandABCHedgeFund.CapricornFOFhasa“】and10"feestructure