CAIA Level I : An Introduction to Core Topics in Alternative Investments

by CAIA Association; Mark J. Anson

• ISBN13: 9780470447024
• ISBN10: 0470447028
• Format: Hardcover
• Copyright: 2009-10-01
• Publisher: Wiley

Summary

The official study text for the Level I Chartered Alternative Investment Analyst (CAIA) examThe Chartered Alternative Investment Analyst (CAIA) designation is the financial industry's first and only globally recognized program that prepares professionals to deal with the ever-growing field of alternative investments. The CAIA Level I: Core Topics in Alternative Investments contains all material on alternative investments that a potential Level I candidate would need to know as they prepare for the exam.The information found here will help you build a solid foundation in both traditional and alternative investment markets-for example, the range of statistics that are used to define investment performance as well as the many types of hedge fund strategies. It will also inform CAIA candidates on how to identify and describe aspects of financial markets, develop reasoning skills, and in some cases, make computations necessary to solve business problems. Contains "need to know" material for Level I candidates and for alternative investment specialists Addresses all of the unique attributes associated with the alternative investments space Organized with a study guide outline and learning objectives with key terms, available for free at www.caia.org/program/studyguides Focuses on alternative investments and quantitative techniques used by investment professionalsThis book is a must-have resource for anyone contemplating taking the CAIA Level I exam.

Table of Contents

Preface

Acknowledgments

About the Authors

Introduction to Alpha Drivers and Beta Drivers

What Is an Alternative Asset Class?

Why Alternative Assets are Important

The Beta Continuum

Alpha versus Beta

The Calculus of Active Management

Real Estate

Real Estate Investment Trusts

Introduction to NCREIF and the NCREIF Indexes

Real Estate as an Investment

Core, Value Added and Opportunistic Real Estate

Hedge Funds

Introduction to Hedge Funds

Establishing a Hedge Fund Investment Program

Due Diligence for Hedge Fund Managers

Risk Management Part 1: Hedge Fund Return Distributions

Risk Management Part II: More Hedge Fund Risks

Hedge Fund Benchmarks and Asset Allocation

Hedge Fund Incentive Fees and the Free Option

Hedge Fund Collapses

Top Ten Hedge Fund Quotes

Commodities and Managed Futures

Introduction to Commodities

Investing in Commodity Futures

Commodity Futures in a Portfolio Context

Managed Futures

Private Equity

Introduction to Venture Capital

Introduction to Leveraged Buyouts

Debt as Private Equity Part I: Mezzanine Debt

Debt as Private Equity Part II: Distressed Debt

Trends in Private Equity

The Economics of Private Equity

Credit Derivatives

Introduction to Credit Derivatives

Collateralized Debt Obligations

Risks and New Developments in CDOs

Basic Principles of Return and Present Value

Measures of Risk and Risk Management

Correlation and Regression Analysis

The Quantitative Analysis of 130/30 Products

Index

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