Book description
CAIA Association has developed two examinations that are used to certify Chartered Alternative Investment Analysts. The Level I curriculum builds a 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. The readings for the Level II exam focus on the same strategies, but change the context to one of risk management and portfolio optimization. Level II CAIA exam takers have to work through the following agenda:
asset allocation & portfolio oversight
style analysis
risk management
alternative asset securitization
secondary market creation
performance and style attribution
indexation and benchmarking
Table of contents
- Cover
- Series
- Title Page
- Copyright
- Preface
- Acknowledgments
- About the Authors
- Chapter 1: Introduction
- PART One: Asset Allocation and Portfolio Management
-
PART Two: Private Equity
-
Chapter 5: Private Equity Market Landscape
- 5.1 MAIN STRATEGIES
- 5.2 MAIN DIFFERENCES BETWEEN VENTURE CAPITAL AND BUYOUT
- 5.3 PRIVATE EQUITY FUNDS AS INTERMEDIARIES
- 5.4 PRIVATE EQUITY FUNDS OF FUNDS AS INTERMEDIARIES
- 5.5 PRIVATE EQUITY FUNDS OF FUNDS VALUE-ADDED
- 5.6 THE RELATIONSHIP LIFE CYCLE BETWEEN LIMITED AND GENERAL PARTNERS
- 5.7 THE J-CURVE
- 5.8 CONCLUSION
- Chapter 6: Private Equity Fund Structure*
- Chapter 7: The Investment Process
- Chapter 8: Private Equity Portfolio Design
- Chapter 9: Fund Manager Selection Process
- Chapter 10: Measuring Performance and Benchmarking in the Private Equity World
- Chapter 11: Monitoring Private Equity Fund Investments
- Chapter 12: Private Equity Fund Valuation
- Chapter 13: Private Equity Fund Discount Rates
- Chapter 14: The Management of Liquidity
-
Chapter 5: Private Equity Market Landscape
-
PART Three: Real Assets
- Chapter 15: Real Estate as an Investment
- Chapter 16: Unsmoothing of Appraisal-Based Returns
- Chapter 17: Core, Value-Added, and Opportunistic Real Estate
- Chapter 18: Real Estate Indices
- Chapter 19: Public versus Private Real Estate Risks
- Chapter 20: Portfolio Allocation within Real Estate
- Chapter 21: Farmland and Timber Investments*
- Chapter 22: Investing in Intellectual Property*
-
Part Four: Commodities
- Chapter 23: Key Concepts in Commodity Market Analysis
- Chapter 24: Role of Commodities in Asset Allocation
- Chapter 25: Methods of Delivering Commodity Alpha
-
Chapter 26: Methods of Delivering Commodity Beta: Indices, Swaps, Notes, and Hedge Funds
- 26.1 INTRODUCTION
- 26.2 DIRECT PHYSICAL OWNERSHIP OF COMMODITIES
- 26.3 INDIRECT OWNERSHIP OF COMMODITIES
- 26.4 LEVERAGED AND OPTION-BASED STRUCTURES
- 26.5 COMMODITY INDICES COMPARED TO SECURITIES INDICES
- 26.6 SOURCES OF COMMODITY INDEX RETURNS
- 26.7 ISSUES IN COMMODITY INDEX DESIGN
- 26.8 PERFORMANCE ENHANCEMENTS OF ENHANCED COMMODITY INDICES
- 26.9 A PRIMER ON COMMODITY INDEX CALCULATION: SPOT, ROLL, EXCESS, AND TOTAL RETURNS
- Chapter 27: Macroeconomic Determinants of Commodity Futures Returns
- Chapter 28: Effective Risk Management Strategies for Commodity Portfolios*
-
Part Five: Real Assets
- Chapter 29: Structure of the Managed Futures Industry
- Chapter 30: Managed Futures: Strategies and Sources of Return
- Chapter 31: Risk and Performance Analysis in Managed Futures Strategies
-
Chapter 32: Structuring Investments in CTAs*
- 32.1 SOURCING MANAGERS
- 32.2 ISSUES IN STRUCTURING A CTA INVESTMENT PROGRAM
- 32.3 HOW MANY MANAGERS SHOULD ONE CHOOSE?
- 32.4 CTA FUNDS AND MULTI-CTA FUNDS
- 32.5 MANAGED ACCOUNTS
- 32.6 PLATFORMS
- 32.7 COMPARISON OF APPROACHES TO STRUCTURING A CTA INVESTMENT
- 32.8 QUANTITATIVE ANALYSIS OF MANAGERS
- 32.9 INVESTMENT AND OPERATIONAL DUE DILIGENCE PROCESSES
- 32.10 COST OF ACTIVE MANAGEMENT
- 32.11 CONCLUSION
-
CHAPTER 33: Hedge Fund Replication
- 33.1 INTRODUCTION
- 33.2 AN OVERVIEW OF REPLICATION PRODUCTS
- 33.3 POTENTIAL BENEFITS OF REPLICATION PRODUCTS
- 33.4 THE CASE FOR HEDGE FUND REPLICATION
- 33.5 UNIQUE BENEFITS OF REPLICATION PRODUCTS
- 33.6 FACTOR-BASED APPROACH TO REPLICATION
- 33.7 PAYOFF-DISTRIBUTION APPROACH
- 33.8 BOTTOM-UP OR ALGORITHMIC APPROACH
- 33.9 CONCLUSION
- CHAPTER 34: Convertible Arbitrage
- CHAPTER 35: Global Macro and Currency Strategies
- CHAPTER 36: Fundamental Equity Hedge Fund Strategies
- CHAPTER 37: Quantitative Equity Hedge Fund Strategies
-
CHAPTER 38: Funds of Hedge Funds
- 38.1 APPROACHES FOR ACCESSING HEDGE FUNDS
- 38.2 CHARACTERISTICS OF FUNDS OF HEDGE FUNDS
- 38.3 FUND OF FUNDS PERFORMANCE
- 38.4 FUND OF FUNDS PORTFOLIO CONSTRUCTION
- 38.5 MANAGER SELECTION
- 38.6 RISK MANAGEMENT
- 38.7 DUE DILIGENCE ISSUES ARISING IN THE CONTEXT OF FUNDS OF FUNDS
- 38.8 BENEFITS OFFERED BY FUNDS OF FUNDS
- 38.9 DISADVANTAGES OF FUNDS OF FUNDS
- 38.10 FUNDS OF FUNDS VERSUS INDIVIDUAL HEDGE FUNDS
- 38.11 HEDGE FUND INDICES
- CHAPTER 39: Regulation and Compliance
- CHAPTER 40: Operational Due Diligence
- References
- Index
Product information
- Title: CAIA Level II: Advanced Core Topics in Alternative Investments, 2nd Edition
- Author(s):
- Release date: October 2012
- Publisher(s): Wiley
- ISBN: 9781118369753
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