New PDF release: Alternative Investments: CAIA Level II
In-depth point II examination coaching direct from the CAIA Association
CAIA point II is the reputable learn consultant for the Chartered substitute funding Analyst expert exam, and an authoritative advisor to operating within the substitute funding sphere. Written via the makers of the examination, this booklet presents in-depth information in the course of the whole examination time table; the extent II concepts are just like point I, yet this time you are going to evaluate them during the lens of probability administration and portfolio optimisation. issues contain asset allocation and portfolio oversight, kind research, danger administration, replacement asset securitisation, secondary marketplace production, functionality and elegance attribution and indexing and benchmarking, with transparent company and a logical development so one can customize your instruction concentration. This new 3rd variation has been up to date to align with the newest examination, and to mirror the present practices within the box.
The CAIA designation was once built to supply a standardized wisdom base in the middle of explosive capital influx into replacement investments. This e-book presents a single-source repository of that crucial info, adapted to these getting ready for the extent II examination.
- Measure, display screen and deal with money from a threat administration perspective
- Delve into complex portfolio buildings and optimisation strategies
- Master the nuances of non-public fairness, genuine resources, commodities and hedge funds
- Gain specialist perception into getting ready completely for the CAIA point II exam
The CAIA constitution programme is rigorous and complete, and the designation is globally regarded because the optimum normal in substitute funding schooling. applicants looking thorough coaching and certain reasons of all elements of different funding want glance no additional than CAIA point II.
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Extra info for Alternative Investments: CAIA Level II
Suppose the utility function can be represented by the log function, and assume that the initial investment is $100. 4) In this case the asset owner would prefer investment A to investment B because it has higher expected utility. 615. In this case, the asset owner would prefer investment D to investment C. 2 Suppose that an investor’s utility is the following function of wealth (W): U(W) = √ W Find the current and expected utility of the investor if the investor currently has $100 and is considering whether to speculate all the money in an investment with a 60% chance of earning 21% and a 40% chance of losing 19%.
Further, suppose the rate of growth in Asset Allocation Processes and the Mean-Variance Model 17 liabilities is given by G, which could be random. 10) In this case, the DB plan wishes to maximize the expected rate of return on the fund’s assets, subject to its aversion toward deviations between the return on the fund and the growth in the fund’s liabilities. In other words, the risk of the portfolio is measured relative to the growth in liabilities. Later in this chapter, we will demonstrate how this problem can be solved.
Endowment. A typical IPS contains a strategic asset allocation and describes the circumstances under which the strategic asset allocation could change; for example, due to fundamental changes in the global economy or changes in the circumstances of the asset owner, the SAA could be revised. 4 A Tactical Asset Allocation Strategy Related to SAA is tactical asset allocation (TAA), which is a dynamic asset allocation strategy that actively adjusts a portfolio’s SAA based on short- to medium-term market forecasts.