CAIA Level I: An Introduction to Core Topics in Alternative by CAIA Association, Mark J. Anson PhD CFA

By CAIA Association, Mark J. Anson PhD CFA

To not be used after March, 2012 assessments – CAIA point I, 2d version could be used to arrange for September 2012 Exam.The authentic learn textual content for the extent I Chartered replacement funding Analyst (CAIA) examThe Chartered substitute funding Analyst (CAIA) designation is the monetary industry's first and simply globally famous software that prepares execs to house the ever-growing box of other investments. The CAIA point I: An creation to center themes in substitute Investments includes all fabric on replacement investments power point I candidate would have to be aware of as they organize for the exam.The info stumbled on right here can help you construct an effective starting place in either conventional and substitute funding markets-for instance, the variety of facts which are used to outline funding functionality in addition to the numerous forms of hedge fund options. it's going to additionally tell CAIA applicants on the right way to determine and describe facets of monetary markets, boost reasoning abilities, and from time to time, make computations essential to remedy enterprise problems.Contains "need to grasp" fabric for point I applicants and for substitute funding specialistsAddresses the entire distinctive attributes linked to the choice investments spaceOrganized with a learn consultant define and studying pursuits with key phrases, to be had at no cost at on replacement investments and quantitative recommendations utilized by funding professionalsThis publication is a must have source for a person considering taking the CAIA point I examination.

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12 CalPERS calls itself a “shareowner” instead of a “shareholder” to emphasize its rights and obligations as an owner of a public corporation. P1: ABC/ABC P2: c/d c02 JWBT167-CAIA QC: e/f T1: g August 20, 2009 12:6 Printer: Yet to come P1: ABC/ABC P2: c/d c03 JWBT167-CAIA QC: e/f T1: g August 20, 2009 13:45 Printer: Yet to come 3 The Beta Continuum Classic Beta, Bespoke Beta, Alternative Beta, Fundamental Beta, Cheap Beta, Active Beta, and Bulk Beta INTRODUCTION In the prior chapter, we introduced the concepts of alpha and beta.

R Distressed debt. 6 See Clifford Asness, “An Alternative Future,” Journal of Portfolio Management, 30th Anniversary Issue, 2004, 94–103; Lars Jaeger, Managing Risk in Alternative Investment Strategies (Upper Saddle River, NJ: Prentice Hall/Financial Times, 2002); Greg Jensen and Jason Rotenberg, “Hedge Funds Selling Beta as Alpha,” Bridgewater Daily Observations, June 17, 2004. 7 See Russell Investment Group, “The 2007–2008 Russell Survey on Alternative Investing,” Russell Investments, 2008. , January 30, 2004.

The due diligence process is supposed to help identify those managers who are likely to produce positive alpha. ACTIVE BETA Active beta constitutes the world of products that use quantitative tools and models to capture so-called systematic irregularities (an economic oxymoron) in the equity markets. The most popular of these products are known as 130/30 funds (we devote a full chapter to these types of products later in this book). These are equity-based products that can short individual stocks or the broader stock market up to 30% of the net assets of the fund while simultaneously leveraging the long portion of the portfolio up to 130% of the net asset value.

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