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1.[单选题] 纠错收藏提问移除

Combining a protective put with a forward contract generates equivalent outcomes at expiration to those of a:

A
fiduciary call.
B
long call combined with a short asset.
C
forward contract combined with a risk-free bond.

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2.[单选题] 纠错收藏提问移除

Private equity funds are most likely to use:

A
merger arbitrage strategies.
B
leveraged buyouts.
C
market-neutral strategies.

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3.[单选题] 纠错收藏提问移除

Compared with traditional investments, alternative investments are more likely to have:

A
greater use of leverage.
B
long-only positions in liquid assets.
C
more transparent and reliable risk and return data.

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4.[单选题] 纠错收藏提问移除

The first stage of financing at which a venture capital fund most likely invests is the:

A
seed stage.
B
mezzanine stage.
C
angel investing stage.

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5.[单选题] 纠错收藏提问移除

Which of the following is most likely to be available when conducting hedge fund due diligence?

A
The benchmark used by the fund
B
Information on systems risk management
C
Details of investment strategies and processes

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6.[单选题] 纠错收藏提问移除

A private equity fund desiring to realize an immediate and complete cash exit from a portfolio company is most likely to pursue a(n):

A
IPO.
B
trade sale.
C
recapitalization.

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7.[单选题] 纠错收藏提问移除

Which of the following forms of infrastructure investments is the most liquid?

A
An unlisted infrastructure mutual fund
B
A direct investment in a greenfield project
C
An exchange-traded master limited partnership (MLP)

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8.[单选题] 纠错收藏提问移除

The privatization of an existing hospital is best described as:

A
a greenfield investment.
B
a brownfield investment.
C
an economic infrastructure investment.

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9.[单选题] 纠错收藏提问移除

A hedge fund invests primarily in distressed debt. Quoted market prices are available for the underlying holdings but they trade infrequently. Which of the following will the hedge fund most likely use in calculating net asset value for trading purposes?

A
Average quotes
B
Average quotes adjusted for liquidity
C
Bid prices for short positions and ask prices for long positions

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10.[单选题] 纠错收藏提问移除

If a commodity’s forward curve is in contango, the component of a commodities futures return most likely to reflect this is:

A
spot prices.
B
the roll yield.
C
the collateral yield.

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11.[单选题] 纠错收藏提问移除

United Capital is a hedge fund with $250 million of initial capital. United charges a 2% management fee based on assets under management at year end, and a 20% incentive fee based on returns in excess of an 8% hurdle rate. In its first year, United appreciates 16%. Assume management fees are calculated using end-of-period valuation. The investor’s net return assuming the performance fee is calculated net of the management fee is closest to:

A
11.58%.
B
12.54%.
C
12.80%.

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12.[单选题] 纠错收藏提问移除

Capricorn Fund of Funds invests GBP 100 million in each of Alpha Hedge Fund and ABC Hedge Fund. Capricorn FOF has a “1 and 10” fee structure. Management fees and incentive fees are calculated independently at the end of each year. After one year, net of their respective management and incentive fees, the investment in Alpha is valued at GBP80 million and the investment in ABC is valued at GBP140 million. The annual return to an investor in Capricorn, net of fees assessed at the fund of funds level, is closest to:

A
7.9%.
B
8.0%.
C
8.1%.

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13.[单选题] 纠错收藏提问移除

Ash Lawn Partners, a fund of hedge funds, has the following fee structure: ● 2/20 underlying fund fees with incentive fees calculated independently ● Ash Lawn fees are calculated net of all underlying fund fees ● 1% management fee (based on year-end market value) ● 10% incentive fee calculated net of management fee ● The fund and all underlying funds have no hurdle rate or high-water mark fee conditions In the latest year, Ash Lawn’s fund value increased from $100 million to $133 million before deduction of management and incentive fees of the fund or underlying funds. Based on the information provided, the total fee earned by all funds in the aggregate is closest to:

A
$11.85 million.
B
$12.75 million.
C
$12.87 million.

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14.[单选题] 纠错收藏提问移除

Risks in infrastructure investing are most likely greatest when the project involves:

A
construction of infrastructure assets.
B
investment in existing infrastructure assets.
C
investing in assets that will be leased back to a government.

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15.[单选题] 纠错收藏提问移除

An investor in a private equity fund is concerned that the general partner can receive incentive fees in excess of the agreed-on incentive fees by making distributions over time based on profits earned rather than making distributions only at exit from investments of the fund. Which of the following is most likey to protect the investor from the general partner receiving excess fees?

A
A high hurdle rate
B
A clawback provision
C
A lower capital commitment

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16.[单选题] 纠错收藏提问移除

Until the committed capital is fully drawn down and invested, the management fee for a private equity fund is based on:

A
invested capital.
B
committed capital.
C
assets under management.

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17.[单选题] 纠错收藏提问移除

A private equity fund is estimating the value of a privately held company that is financed with both debt and equity, is generating positive revenues, and has negative EBITDA. The private equity fund is most likely able to estimate the company’s equity value using:

A
net income multiples.
B
market value of its assets.
C
expected free cash flow to equity and cost of equity.

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18.[单选题] 纠错收藏提问移除

An analyst wanting to assess the downside risk of an alternative investment is least likely to use the investment’s:

A
Sortino ratio.
B
value at risk (VaR).
C
standard deviation of returns.

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19.[单选题] 纠错收藏提问移除

An effective risk management process used by alternative investment funds most likely includes:

A
in-house valuations.
B
internal custody of assets.
C
segregation of risk and investment process duties.

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20.[单选题] 纠错收藏提问移除

An American call option is most likely to be exercised early when

A
the option is deep in the money.
B
the underlying asset pays dividends.
C
the risk-free interest rate has increased.

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21.[单选题] 纠错收藏提问移除

Compared to managers of traditional investments, managers of alternative investments are likely to have fewer restrictions on:

A
holding cash.
B
buying stocks.
C
using derivatives.

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22.[单选题] 纠错收藏提问移除

A private equity valuation approach that uses estimated multiples of cash flows to value a portfolio company is:

A
the asset-based approach.
B
the discount cash flow approach.
C
the market/comparables approach.

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23.[单选题] 纠错收藏提问移除

Direct commercial real estate ownership least likely requires investing in

A
large amounts.
B
illiquid assets.
C
a short time horizon.

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A real estate property valuation would least likely use:

A
an income approach.
B
an asset-based approach.
C
a comparable sales approach.

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A high water mark of £150 million was established two years ago for a British hedge fund. The end-of-year value before fees for last year was £140 million. This year’s end-of-year value before fees is £155 million. The fund charges “2 and 20.”Management fees are paid independently of incentive fees and are calculated on end-of-year values. What is the total fee paid this year?

A
£3.1 million.
B
£4.1 million.
C
£6..1 million.

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An investor who chooses a fund-of-funds as an alternative to a single hedge fund is most likely to benefit from:

A
lower fees.
B
higher returns.
C
more due diligence.

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27.[单选题] 纠错收藏提问移除

A hedge fund that operates as an activist shareholder is most likely engaging in:

A
a macro strategy.
B
a relative value strategy.
C
an event-driven strategy.

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28.[单选题] 纠错收藏提问移除

Standard deviation is least likely an appropriate measure of risk for:

A
hedge funds.
B
publicly traded REITs.
C
exchange-traded funds.

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答题卡

Combining a protective put with a forward contract generates equivalent outcomes at expiration to those of a:

Private equity funds are most likely to use:

Compared with traditional investments, alternative investments are more likely to have:

The first stage of financing at which a venture capital fund most likely invests is the:

Which of the following is most likely to be available when conducting hedge fund due diligence?

A private equity fund desiring to realize an immediate and complete cash exit from a portfolio company is most likely to pursue a(n):

Which of the following forms of infrastructure investments is the most liquid?

The privatization of an existing hospital is best described as:

A hedge fund invests primarily in distressed debt. Quoted market prices are available for the underlying holdings but they trade infrequently. Which of the following will the hedge fund most likely use in calculating net asset value for trading purposes?

If a commodity’s forward curve is in contango, the component of a commodities futures return most likely to reflect this is:

Risks in infrastructure investing are most likely greatest when the project involves:

Until the committed capital is fully drawn down and invested, the management fee for a private equity fund is based on:

A private equity fund is estimating the value of a privately held company that is financed with both debt and equity, is generating positive revenues, and has negative EBITDA. The private equity fund is most likely able to estimate the company’s equity value using:

An analyst wanting to assess the downside risk of an alternative investment is least likely to use the investment’s:

An effective risk management process used by alternative investment funds most likely includes:

An American call option is most likely to be exercised early when

Compared to managers of traditional investments, managers of alternative investments are likely to have fewer restrictions on:

A private equity valuation approach that uses estimated multiples of cash flows to value a portfolio company is:

Direct commercial real estate ownership least likely requires investing in

A real estate property valuation would least likely use:

An investor who chooses a fund-of-funds as an alternative to a single hedge fund is most likely to benefit from:

A hedge fund that operates as an activist shareholder is most likely engaging in:

Standard deviation is least likely an appropriate measure of risk for:

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