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1.[单选题] 纠错收藏提问移除

Which of the following is least likely to be considered an alternative investment?

A
Real estate
B
Commodities
C
Long-only equity funds

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2.[单选题] 纠错收藏提问移除

An investor is seeking an investment that can take long and short positions, may use multi-strategies, and historically exhibits low correlation with a traditional investment portfolio. The investor’s goals will be best satisfied with an investment in:

A
real estate.
B
a hedge fund.
C
a hedge fund.

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3.[单选题] 纠错收藏提问移除

Relative to traditional investments, alternative investments are least likely to be characterized by:

A
high levels of transparency.
B
limited historical return data.
C
significant restrictions on redemptions.

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4.[单选题] 纠错收藏提问移除

Alternative investment funds are typically managed:

A
actively.
B
to generate positive beta return.
C
assuming that markets are efficient.

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5.[单选题] 纠错收藏提问移除

An investor is most likely to consider adding alternative investments to a traditional investment portfolio because:

A
of their historically higher returns.
B
of their historically lower standard deviation of returns.
C
their inclusion is expected to reduce the portfolio’s Sharpe ratio.

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6.[单选题] 纠错收藏提问移除

The potential benefits of allocating a portion of a portfolio to alternative investments include:

A
ease of manager selection.
B
improvement in portfolio risk–return.
C
accessible and reliable measures of risk and return.

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7.[单选题] 纠错收藏提问移除

An investor may prefer a single hedge fund to a fund of funds if he seeks:

A
due diligence expertise.
B
better redemption terms.
C
a less complex fee structure.

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8.[单选题] 纠错收藏提问移除

Hedge funds are similar to private equity funds in that both:

A
are typically structured as partnerships.
B
assess management fees based on assets under management.
C
do not earn an incentive fee until the initial investment is repaid.

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An investor seeks a current income stream as a component of total return, and desires an investment that historically has low correlation with other asset classes. The investment most likely to achieve the investor’s goals is:

A
timberland.
B
collectibles.
C
commodities.

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10.[单选题] 纠错收藏提问移除

Both event-driven and macro hedge fund strategies use:

A
long–short positions.
B
a top-down approach.
C
long-term market cycles.

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11.[单选题] 纠错收藏提问移除

Hedge fund losses are most likely to be magnified by a:

A
margin call.
B
lockup period.
C
redemption notice period.

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12.[单选题] 纠错收藏提问移除

What is the most significant drawback of a repeat sales index to measure returns to real estate?

A
Sample selection bias
B
Understatement of volatility
C
Reliance on subjective appraisals

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13.[单选题] 纠错收藏提问移除

Compared with direct investment in infrastructure, publicly traded infrastructure securities are characterized by:

A
higher concentration risk.
B
more-transparent governance.
C
greater control over the infrastructure assets.

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14.[单选题] 纠错收藏提问移除

An equity hedge fund following a fundamental growth strategy uses fundamental analysis to identify companies that are most likely to:

A
be undervalued.
B
be either undervalued or overvalued.
C
experience high growth and capital appreciation.

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15.[单选题] 纠错收藏提问移除

As the loan-to-value ratio increases for a real estate investment, risk most likely increases for:

A
debt investors only.
B
equity investors only.
C
both debt and equity investors.

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16.[单选题] 纠错收藏提问移除

An investor chooses to invest in a brownfield rather than a greenfield infrastructure project. The investor is most likely motivated by:

A
growth opportunities.
B
predictable cash flows.
C
higher expected returns.

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17.[单选题] 纠错收藏提问移除

Angel investing capital is typically provided in which stage of financing?

A
Later-stage.
B
Formative-stage.
C
Mezzanine-stage.

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18.[单选题] 纠错收藏提问移除

In a one-period binomial model, the value of an option is best described as the present value of:

A
a probability-weighted average of two possible outcomes
B
a probability-weighted average of a chosen number of possible outcomes.
C
one of two possible outcomes based on a chosen size of increase or decrease.

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19.[单选题] 纠错收藏提问移除

Compared to alternative investments, traditional investments tend to:

A
be less liquid.
B
be less regulated.
C
require lower fees.

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20.[单选题] 纠错收藏提问移除

In a leveraged buyout, covenants in leveraged loans can:

A
restrict additional borrowing.
B
require lenders to provide transparency.
C
provide protection for the general partners.

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21.[单选题] 纠错收藏提问移除

Diversification benefits from adding hedge funds to an equity portfolio may be limited because:

A
correlations tend to increase during periods of financial crisis.
B
hedge fund returns are less than perfectly correlated with global equities.
C
hedge funds tend to perform better when global equity prices are declining.

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22.[单选题] 纠错收藏提问移除

In which category of alternative investments is an investor most likely to use derivatives?

A
Real estate.
B
Commodities.
C
Collectibles.

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答题卡

Which of the following is least likely to be considered an alternative investment?

An investor is seeking an investment that can take long and short positions, may use multi-strategies, and historically exhibits low correlation with a traditional investment portfolio. The investor’s goals will be best satisfied with an investment in:

Relative to traditional investments, alternative investments are least likely to be characterized by:

Alternative investment funds are typically managed:

An investor is most likely to consider adding alternative investments to a traditional investment portfolio because:

The potential benefits of allocating a portion of a portfolio to alternative investments include:

An investor may prefer a single hedge fund to a fund of funds if he seeks:

Hedge funds are similar to private equity funds in that both:

An investor seeks a current income stream as a component of total return, and desires an investment that historically has low correlation with other asset classes. The investment most likely to achieve the investor’s goals is:

Both event-driven and macro hedge fund strategies use:

Hedge fund losses are most likely to be magnified by a:

What is the most significant drawback of a repeat sales index to measure returns to real estate?

Compared with direct investment in infrastructure, publicly traded infrastructure securities are characterized by:

An equity hedge fund following a fundamental growth strategy uses fundamental analysis to identify companies that are most likely to:

As the loan-to-value ratio increases for a real estate investment, risk most likely increases for:

An investor chooses to invest in a brownfield rather than a greenfield infrastructure project. The investor is most likely motivated by:

Angel investing capital is typically provided in which stage of financing?

In a one-period binomial model, the value of an option is best described as the present value of:

Compared to alternative investments, traditional investments tend to:

In a leveraged buyout, covenants in leveraged loans can:

Diversification benefits from adding hedge funds to an equity portfolio may be limited because:

In which category of alternative investments is an investor most likely to use derivatives?

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