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Erstellt / Aktualisiert 16.12.2014 / 23.07.2019
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36 Exakte Antworten 0 Text Antworten 0 Multiple Choice Antworten
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Institutional-quality alternative investment (Focus of CAIA curriculum)

An institutional-quality investment is the type of investment that financial institutions such as pension funds or endowments might include in their holdings becuase they are expected to deliver reasonable returns at an acceptable level of risk.
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Real Estate

Real estate focuses on land and improvements that are permanently affied, like buildings. Real estate was a significant asset class long before stock and bonds become important. In times prior to the industrial age, land was the single most valuable asset
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..includes both the land and the timber of forests of tree species typically used in the forest products industry. While the underlying land is clearly real estate, the timber on the land is not typically regarded as real estate since it is not permanent.
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Infrastrucutre investments

...are claims on the income of toll roads, regulated utilities, ports, airports, and other real assets taht are traditionally held and controlled by the public sector.
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Financial asset

...the opposit of a real asset
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Real Assets..

...focuses on investments in which the unterlying assets involve direct ownership of nonfinancial assets rather than ownership through financial assets such as the securities of manufacturing or service enterprises.
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Hedge funds

privately organized investment vehicle that uses its less regulated nature to generate investment opportunites that are substantially destinct from opportunities offered by traditional investments restricitng use of derivatives and leverage.
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...are homogenous goods available in large quantities, such as energy products, agricultural products, metals, and bulding materials. In CAIA commdoities are mainly future contracts.
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Private Equity

...include both equity and debt positions that, among other things, are not publicly traded. In most cases, the debt positions contain so much risk from cash flow uncertainty that their short-term return behaviour is simliar to that of equity positions.
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Venture Capital

...refers to support via equity financing to start-up companies that do not have a sufficient size, track record, or desire to attract capital from traditional sources
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Leveraged buyouts

....refer to those transactions in which the equity of a publicly traded company is purchased using a small amount of investor capital and a large amount of borrowed funds to take the firm private.
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Mezzanine debt..

...derives is name from its position in the capital structure of a firm between the ceiling of senior secured debt and the floor of equity. Mezzanine debt refers to a spectrum of risky claims including preferred stock, convertible debt, ...
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Distressed debt..

...refers to the debt of companies that have filed or are likely to file for bankrupcy protection in the near future.
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Structured products...

are instruments created to exhibit particular return, risk, taxation or other attributes. These instruments generate unique cash flows resulting from the partitioning of the cash flows from a traditional investment or by linking returns to market values.
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Regulatory structure

refers tot eh role of government, including both regulation and taxation, influencing the nature of an investment
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Securities structure

refers to the structuring of cash flows through securitization.
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..is the process of transforming asset ownership into tradable units. The use of securities and security structuring transforms asset ownership into potentially distinct and diverse tradable investment opportunities.
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Trading structure..

refers to the role of an investment vehicle's investment managers in developing and implementing trading strategies .
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Compensation structure

refers to the ways that organizational issues, especially compensation schemes, influence particular investments.
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Instituional structure

refers to the financial markets and financial institutions related to a particular investment, such as whether the investment is publicly traded.
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alternative investments are often synonymous with diversifiers
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Absolute return products

investment products viewed as having little or no return colleration with traditional assets are also often termed absolute return products since their returns should generally be analyzed on an absolute basis rather than relativ to returns of traditional
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means that the investment trades infrequently and/or with low volume (thinly). Illiquidity means that returns are difficult to observe due to the lack of trading and that realized returns may be affected by the trading decisions of a few paricipants.
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Lumpy Assets

..are assets that can only be bought and sold in specific quantities, such as large real estate projects
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refers to the tendency of market prices to reflect all available information
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...refers to the deviation of actual valuations from those valuations that would be anticipated in an efficient market.
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the returns of many alternative investments are structured so that they are infrequently traded, and therefore their market returns are measured over longer time intervals.
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Active management

refers to efforts of buying and selling securities to earn superior combinations of risk and return. Alternative investment analysis typically focuses on evauation acitive managers and their systems of active management, (most alt. investments =actively m
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Passive investing

tends to focus on buying and holding securites in an effort to match the risk and return of a target such as highly diversified index
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benchmark return

the returns o fthe fund would typically be comprared to the benchmark return, which is the return of the benchmark index or benchmark portfolio