Alternative Investments

 
 
Standards Information Network (Verlag)
  • 1. Auflage
  • |
  • erschienen am 4. November 2021
  • |
  • 672 Seiten
 
E-Book | PDF mit Adobe-DRM | Systemvoraussetzungen
978-1-119-85061-8 (ISBN)
 
The complete guide to alternative investments, from experts working with CFA Institute

Alternative Investments is the definitive guide to understanding non-traditional asset classes. Alternatives are a disparate group of investments that are distinguished from long-only, publicly traded investments in stocks, bonds, and cash (often referred to as traditional investments). Alternative investments include real estate, commodities, infrastructure, and other non-traditional investments such as private equity or debt and hedge funds. They are attractive to investors because of the potential for portfolio diversification resulting in a higher risk-adjusted return for the portfolio.

Alternative Investments and its accompanying workbook (sold separately) lead students and investment professionals through the many characteristics of non-traditional assets, including:



Narrow specialization of the investment managers
Relatively low correlation of returns with those of traditional investments
Less regulation and less transparency than traditional investments
Limited historical risk and return data
Unique legal and tax considerations
Higher fees, often including performance or incentive fees
Concentrated portfolios
Restrictions on redemptions (i.e. "lockups" and "gates")

CFA Institute is the world's premier association for investment professionals, and the governing body for the CFA (R) Program, CIPM (R) Program, CFA Institute ESG Investing Certificate, and Investment Foundations (R) Program. Those seeking a deeper understanding of the markets, mechanisms, and use of alternatives will value the level of expertise CFA Institute brings to the discussion, providing a clear, comprehensive resource for students and professionals alike. Whether used alone or in conjunction with the companion workbook, Alternative Investments offers a complete course in alternative investments and their role in investment management.
  • Englisch
  • Newark
  • |
  • USA
John Wiley & Sons Inc
  • Für Beruf und Forschung
  • 13,30 MB
978-1-119-85061-8 (9781119850618)

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CFA Institute is the global association of investment professionals that sets the standard for professional excellence and credentials. The organization is a champion for ethical behavior in investment markets and a respected source of knowledge in the global financial community. The end goal: to create an environment where investors' interests come first, markets function at their best, and economies grow. CFA Institute has more than 170,000 members in 160+ countries and territories, including 163,000 CFA (R); charterholders, and 150+ member societies. For more information, visit www.cfainstitute.org.
  • Cover
  • Title page
  • Copyright
  • Contents
  • Foreword
  • Preface
  • Acknowledgments
  • About the CFA Institute Investment Series
  • Chapter 1: Introduction to Corporate Governance and Other ESG Considerations
  • Learning Outcomes
  • 1. Introduction and Overview of Corporate Governance
  • 1.1. Corporate Governance Overview
  • 2. Stakeholder Groups
  • 2.1. Stakeholder Groups
  • 3. Principal-Agent and Other Relationships in Corporate Governance
  • 3.1. Shareholder and Manager/Director Relationships
  • 3.2. Controlling and Minority Shareholder Relationships
  • 3.3. Manager and Board Relationships
  • 3.4. Shareholder versus Creditor Interests
  • 3.5. Other Stakeholder Conflicts
  • 4. Overview and Mechanisms of Stakeholder Management
  • 4.1. Overview of Stakeholder Management
  • 4.2. Mechanisms of Stakeholder Management
  • 5. Mechanisms to Mitigate Associated Stakeholder Risks
  • 5.1. Employee Laws and Contracts
  • 5.2. Contractual Agreements with Customers and Suppliers
  • 5.3. Laws and Regulations
  • 6. Company Boards and Committees
  • 6.1. Composition of the Board of Directors
  • 6.2. Functions and Responsibilities of the Board
  • 6.3. Board of Directors Committees
  • 7. Relevant Factors in Analyzing Corporate Governance and Stakeholder Management
  • 7.1. Market Factors
  • 7.2. Non-Market Factors
  • 8. Risks and Benefits of Corporate Governance and Stakeholder Management
  • 8.1. Risks of Poor Governance and Stakeholder Management
  • 8.2. Benefits of Effective Governance and Stakeholder Management
  • 9. Factors Relevant to Corporate Governance and Stakeholder Management Analysis
  • 9.1. Economic Ownership and Voting Control
  • 9.2. Board of Directors Representation
  • 9.3. Remuneration and Company Performance
  • 9.4. Investors in the Company
  • 9.5. Strength of Shareholders' Rights
  • 9.6. Managing Long-Term Risks
  • 9.7. Summary of Analyst Considerations
  • 10. ESG Considerations for Investors and Analysts
  • 10.1. Introduction to Environmental, Social, and Governance issues
  • 10.2. ESG Investment Strategies
  • 10.3. ESG Investment Approaches
  • 10.4. Catalysts for Growth in ESG Investing
  • 10.5. ESG Market Overview
  • 10.6. ESG Factors in Investment Analysis
  • Summary
  • Chapter 2: Introduction to Alternative Investments
  • Learning Outcomes
  • 1. Introduction
  • 1.1. Why Investors Consider Alternative Investments
  • 1.2. Categories of Alternative Investments
  • 2. Investment Methods
  • 2.1. Methods of Investing in Alternative Investments
  • 2.2. Advantages and Disadvantages of Direct Investing, Co-investing, and Fund Investing
  • 2.3. Due Diligence for Fund Investing, Direct Investing, and Co-investing
  • 3. Investment and Compensation Structures
  • 3.1. Partnership Structures
  • 3.2. Compensation Structures
  • 3.3. Common Investment Clauses, Provisions, and Contingencies
  • 4. Hedge Funds
  • 4.1. Characteristics of Hedge Funds
  • 4.2. Hedge Fund Strategies
  • 4.3. Hedge Funds and Diversification Benefits
  • 5. Private Capital
  • 5.1. Overview of Private Capital
  • 5.2. Description: Private Equity
  • 5.3. Description: Private Debt
  • 5.4. Risk/Return of Private Equity
  • 5.5. Risk/Return of Private Debt
  • 5.6. Diversification Benefits of Investing in Private Capital
  • 6. Natural Resources
  • 6.1. Overview of Natural Resources
  • 6.2. Characteristics of Natural Resources
  • 6.3. Risk/Return of Natural Resources
  • 6.4. Diversification Benefits of Natural Resources
  • 6.5. Instruments
  • 7. Real Estate
  • 7.1. Overview of the Real Estate Market
  • 7.2. Characteristics: Forms of Real Estate Ownership
  • 7.3. Characteristics: Real Estate Investment Categories
  • 7.4. Risk and Return Characteristics
  • 7.5. Diversification Benefits
  • 8. Infrastructure
  • 8.1. Introduction and Overview
  • 8.2. Description
  • 8.3. Risk and Return Characteristics
  • 8.4. Diversification Benefits
  • 9. Issues in Performance Appraisal
  • 9.1. Overview of Performance Appraisal for Alternative Investments
  • 9.2. Common Approaches to Performance Appraisal and Application Challenges
  • 9.3. Private Equity and Real Estate Performance Evaluation
  • 9.4. Hedge Funds: Leverage, Illiquidity, and Redemption Terms
  • 10. Calculating Fees and Returns
  • 10.1. Alternative Asset Fee Structures and Terms
  • 10.2. Custom Fee Arrangements
  • 10.3. Alignment of Interests and Survivorship Bias
  • Summary
  • Chapter 3: Real Estate Investments
  • Learning Outcomes
  • Section A. Overview of Types of Real Estate Investment
  • 1. Introduction and Basic Forms of Real Estate Investment
  • 1.1. Real Estate Market Size
  • 1.2. Real Estate Investment: Basic Forms
  • 1.3. Characteristics
  • 1.4. Risk Factors
  • 2. Economic Value Drivers, Role in Portfolio, and Risk/Return of Real Estate Investments Relative to Stocks and Bonds
  • 2.1. Economic Drivers
  • 2.2. Role of Real Estate in an Investment Portfolio
  • 2.3. Real Estate Risk and Return Relative to Stocks and Bonds
  • 2.4. Classifications
  • 2.5. Investment Characteristics by Property Type
  • 3. Considerations in Analysis and Due Diligence
  • 4. Indexes
  • 4.1. Appraisal-Based Indexes
  • 4.2. Transaction-Based Indexes
  • 4.3. Advantages and Disadvantages of Appraisal-Based and Transaction-Based Indexes
  • 4.4. Real Estate Security Indexes
  • Section B. Investments in Real Estate through Private Vehicles
  • 5. Introduction to Valuation Approaches
  • 5.1. Highest and Best Use
  • 6. The Income Approach to Valuation: Discount Rates and the Direct Capitalization of NOI and DCF Methods
  • 6.1. Similarities in Approaches
  • 6.2. The Direct Capitalization Method
  • 7. The DCF Method, the Relationship between Discount Rate and Cap Rate, and the Terminal Capitalization Rate
  • 7.1. The Relationship between the Discount Rate and the Cap Rate
  • 7.2. The Terminal Capitalization Rate
  • 8. Private Market Real Estate Debt
  • Section C. Investments in Real Estate Through Publicly Traded Securities
  • 9. Types of Publicly Traded Real Estate Securities
  • 9.1. REIT Structures
  • 9.2. Market Size
  • 9.3. Benefits and Disadvantages of Investing in REITs
  • 10. Valuation: Net Asset Value Approach
  • 10.1. Accounting for Investment Properties
  • 10.2. Net Asset Value per Share: Calculation
  • 10.3. Net Asset Value per Share: Application
  • 11. Valuation: Relative Value (Price Multiple) Approach
  • 11.1. Relative Value Approach to Valuing REIT Stocks
  • 11.2. Funds from Operations and Adjusted Funds from Operations
  • 11.3. P/FFO and P/AFFO Multiples: Advantages and Drawbacks
  • 12. REIT Mini Case Study: Example of Disclosures and Valuation Analysis
  • 12.1. Selection of Valuation Methods
  • 13. Private versus Public: A Comparison
  • Summary
  • General Characteristics of Real Estate
  • Private Equity Real Estate
  • Publicly Traded Real Estate Securities
  • Chapter 4: Private Equity Investments
  • Learning Outcomes
  • 1. Introduction
  • 2. Introduction to Valuation Techniques in Private Equity Transactions
  • 2.1. How Is Value Created in Private Equity
  • 2.2. Using Market Data in Valuation
  • 3. Contrasting Venture Capital and Buyout Investments
  • 4. LBO model for valuation of Buyout Transactions
  • 4.1. The LBO Model
  • 5. VC Method for valuation of Venture Capital Transactions1
  • 5.1. Expected Exit Valuation
  • 5.2. Required Rate of Return
  • 5.3. Option Pools
  • 5.4. Stage Financing
  • 6. Exit Routes: Return Cash to Investors
  • 6.1. Exit Routes: Summary
  • 7. Risks and Costs of investing in Private Equity
  • 7.1. What Are the Risks and Costs of Investing in Private Equity
  • 8. Private Equity Fund Structures and Terms
  • 8.1. Economic Terms
  • 8.2. Corporate Governance Terms
  • 8.3. Due Diligence Investigations by Potential Investors
  • 8.4. Private Equity Fund Valuation
  • 9. Evaluating Fund Performance and Concept in Action: Evaluating a Private Equity Fund
  • 9.1. Analysis of IRR since Inception
  • 9.2. Analysis of Return Multiples
  • Summary
  • Chapter 5: Introduction to Commodities and Commodity Derivatives
  • Learning Outcomes
  • 1. Introduction
  • 2. Commodity Sectors
  • 2.1. Commodity Sectors
  • 3. Life Cycle of Commodities
  • 3.1. Energy
  • 3.2. Industrial/Precious Metals
  • 3.3. Livestock
  • 3.4. Grains
  • 3.5. Softs
  • 4. Valuation of Commodities
  • 5. Commodities Futures Markets: Participants
  • 5.1. Futures Market Participants
  • 6. Commodity Spot and Futures Pricing
  • 7. Theories of Futures Returns
  • 7.1. Theories of Futures Returns
  • 8. Components of Futures Returns
  • 9. Contango, Backwardation, and the Roll Return
  • 10. Commodity Swaps
  • 10.1. Total Return Swap
  • 10.2. Basis Swap
  • 10.3. Variance Swaps and Volatility Swaps
  • 11. Commodity Indexes
  • 11.1. S&P GSCI
  • 11.2. Bloomberg Commodity Index
  • 11.3. Deutsche Bank Liquid Commodity Index
  • 11.4. Thomson Reuters/CoreCommodity CRB Index
  • 11.5. Rogers International Commodity Index
  • 11.6. Rebalancing Frequency
  • 11.7. Commodity Index Summary
  • Summary
  • Chapter 6: Hedge Fund Strategies
  • Learning Outcomes
  • 1. Introduction and Classification of Hedge Fund Strategies
  • 1.1. Classification of Hedge Funds and Strategies
  • 2. Equity Strategies: Long/Short Equity
  • 2.1. Long/Short Equity
  • 3. Equity Strategies: Dedicated Short Selling and Short-Biased
  • 3.1. Investment Characteristics
  • 3.2. Strategy Implementation
  • 4. Equity Strategies: Equity Market Neutral
  • 4.1. Investment Characteristics
  • 4.2. Strategy Implementation
  • 5. Event-Driven Strategies: Merger Arbitrage
  • 5.1. Merger Arbitrage
  • 6. Event-Driven Strategies: Distressed Securities
  • 6.1. Investment Characteristics
  • 6.2. Strategy Implementation
  • 7. Relative Value Strategies: Fixed Income Arbitrage
  • 7.1. Fixed-Income Arbitrage
  • 8. Relative Value Strategies: Convertible Bond Arbitrage
  • 8.1. Investment Characteristics
  • 8.2. Strategy Implementation
  • 9. Opportunistic Strategies: Global Macro Strategies
  • 9.1. Global Macro Strategies
  • 10. Opportunistic Strategies: Managed Futures
  • 10.1. Investment Characteristics
  • 10.2. Strategy Implementation
  • 11. Specialist Strategies
  • 11.1. Volatility Trading
  • 11.2. Reinsurance/Life Settlements
  • 12. Multi-Manager Strategies
  • 12.1. Fund-of-Funds
  • 12.2. Multi-Strategy Hedge Funds
  • 13. Analysis of Hedge Fund Strategies using a Conditional Factor Risk Model
  • 13.1. Conditional Factor Risk Model
  • 14. Evaluating Equity Hedge Fund Strategies: Application
  • 15. Evaluating Multi-manager Hedge Fund Strategies: Application
  • 16. Portfolio Contribution of Hedge Fund Strategies
  • 16.1. Performance Contribution to a 60/40 Portfolio
  • 16.2. Risk Metrics
  • Summary
  • Chapter 7: Capital Market Expectations: Forecasting Asset Class Returns
  • Learning Outcomes
  • 1. Introduction
  • 2. Overview of Tools and Approaches
  • 2.1. The Nature of the Problem
  • 2.2. Approaches to Forecasting
  • 3. Forecasting Fixed Income Returns
  • 3.1. Applying DCF to Fixed Income
  • 3.2. The Building Block Approach to Fixed-Income Returns
  • 4. Risks in Emerging Market Bonds
  • 4.1. Economic Risks/Ability to Pay
  • 4.2. Political and Legal Risks/Willingness to Pay
  • 5. Forecasting Equity Returns
  • 5.1. Historical Statistics Approach to Equity Returns
  • 5.2. DCF Approach to Equity Returns
  • 5.3. Risk Premium Approaches to Equity Returns
  • 5.4. Risks in Emerging Market Equities
  • 6. Forecasting Real Estate Returns
  • 6.1. Historical Real Estate Returns
  • 6.2. Real Estate Cycles
  • 6.3. Capitalization Rates
  • 6.4. The Risk Premium Perspective on Real Estate Expected Return
  • 6.5. Real Estate in Equilibrium
  • 6.6. Public versus Private Real Estate
  • 6.7. Long-Term Housing Returns
  • 7. Forecasting Exchange Rates
  • 7.1. Focus on Goods and Services, Trade, and the Current Account
  • 7.2. Focus on Capital Flows
  • 8. Forecasting Volatility
  • 8.1. Estimating a Constant VCV Matrix with Sample Statistics
  • 8.2. VCV Matrices from Multi-Factor Models
  • 8.3. Shrinkage Estimation of VCV Matrices
  • 8.4. Estimating Volatility from Smoothed Returns
  • 8.5. Time-Varying Volatility: ARCH Models
  • 9. Adjusting a Global Portfolio
  • 9.1. Macro-Based Recommendations
  • 9.2. Quantifying the Views
  • Summary
  • Chapter 8: Asset Allocation to Alternative Investments
  • Learning Outcomes
  • 1. Introduction and The Role of Alternative Investments in a Multi-asset Portfolio
  • 1.1. The Role of Alternative Investments in a Multi-asset Portfolio
  • 2. Diversifying Equity Risk
  • 2.1. Volatility Reduction over the Short Time Horizon
  • 2.2. Risk of Not Meeting the Investment Goals over the Long Time Horizon
  • 3. Traditional Approaches to Asset Classification
  • 3.1. Traditional Approaches to Asset Classification
  • 4. Risk-Based Approaches to Asset Classification and Comparing Risk-Based and Traditional Approaches
  • 4.1. Illustration: Asset Allocation and Risk-Based Approaches
  • 4.2. Comparing Risk-Based and Traditional Approaches
  • 5. Risk Considerations, Return Expectations and Investment Vehicle
  • 5.1. Risk Considerations
  • 5.2. Return Expectations
  • 5.3. Investment Vehicle
  • 6. Liquidity
  • 6.1. Liquidity Risks Associated with the Investment Vehicle
  • 6.2. Liquidity Risks Associated with the Underlying Investments
  • 7. Fees and Expenses, Tax Considerations, and Other Considerations
  • 7.1. Tax Considerations
  • 7.2. Other Considerations
  • 8. Suitability Considerations
  • 8.1. Investment Horizon
  • 8.2. Expertise
  • 8.3. Governance
  • 8.4. Transparency
  • 9. Asset Allocation Approaches and Statistical Properties and Challenges of Asset Returns
  • 9.1. Statistical Properties and Challenges of Asset Returns
  • 10. Monte Carlo Simulation
  • 10.1. Simulating Skewed and Fat-Tailed Financial Variables
  • 10.2. Simulation for Long-Term Horizon Risk Assessment
  • 11. Portfolio Optimization
  • 11.1. Mean-Variance Optimization without and with Constraints
  • 11.2. Mean-CVaR Optimization
  • 12. Risk Factor-Based Optimization
  • 13. Liquidity Planning and Achieving and Maintaining the Strategic Asset Allocation
  • 13.1. Achieving and Maintaining the Strategic Asset Allocation
  • 14. Managing the Capital Calls and Preparing for the Unexpected
  • 14.1. Preparing for the Unexpected
  • 15. Monitoring the Investment Program
  • 15.1. Overall Investment Program Monitoring
  • 15.2. Performance Evaluation
  • 15.3. Monitoring the Firm and the Investment Process
  • Summary
  • Chapter 9: Integrated Cases in Risk Management: Institutional
  • Learning Outcomes
  • 1. Introduction
  • 2. Financial Risks Faced by Institutional Investors
  • 2.1. Long-Term Perspective
  • 2.2. Dimensions of Financial Risk Management
  • 2.3. Risk Considerations for Long-Term Investors
  • 2.4. Risks Associated with Illiquid Asset Classes
  • 2.5. Managing Liquidity Risk
  • 2.6. Enterprise Risk Management for Institutional Investors
  • 3. Environmental and Social Risks Faced by Institutional Investors
  • 3.1. Universal Ownership, Externalities, and Responsible Investing
  • 3.2. Material Environmental Issues for an Institutional Investor
  • 3.3. Material Social Issues for an Institutional Investor
  • Case Study
  • 1. Case Study: Introduction
  • 2. Case Study: Background
  • 3. R-SWF'S Investments: 1.0
  • Investment Committee Meeting 1.0
  • 4. R-SWF'S Investments: 2.0
  • Investment Committee Meeting 2.0
  • 5. R-SWF'S Investments: 3.0
  • References
  • Glossary
  • About the Editors and Authors
  • Index
  • EULA

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