By CAIA Association, Mark J. Anson PhD CFA
To not be used after March, 2012 checks – CAIA point I, second version could be used to arrange for September 2012 Exam.The reliable research 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 purely globally well-known software that prepares execs to house the ever-growing box of other investments. The CAIA point I: An creation to center subject matters in substitute Investments comprises all fabric on replacement investments strength point I candidate would have to understand as they arrange for the exam.The info came across right here may help you construct an effective starting place in either conventional and substitute funding markets-for instance, the diversity of statistics which are used to outline funding functionality in addition to the various different types of hedge fund concepts. it's going to additionally tell CAIA applicants on find out how to determine and describe elements of economic markets, advance reasoning talents, and at times, make computations essential to resolve enterprise problems.Contains "need to understand" fabric for point I applicants and for substitute funding specialistsAddresses the entire distinctive attributes linked to the choice investments spaceOrganized with a research consultant define and studying ambitions with keyword phrases, on hand at no cost at www.caia.org/program/studyguidesFocuses on substitute investments and quantitative ideas utilized by funding professionalsThis e-book is a must have source for a person considering taking the CAIA point I examination.
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Extra info for CAIA Level I: An Introduction to Core Topics in Alternative Investments (Wiley Finance)
Example text
Slightly above the index products, we find enhanced index products, which are designed to take small amounts of risk within tightly controlled parameters and offer a little extra return, usually on a large pool of capital. Small, consistent alpha is their game. Next, just slightly above the enhanced indices, we find the traditional long-only active manager. 2 demonstrates, these products are often beta drivers dressed up in alpha driver clothing. Last along the beta spectrum, we find 130/30 portfolios.
But when the year 2008 is added, the CAGRs fall to 38% for ETFs and 17% for hedge funds. Unfortunately, asset managers with traditional balanced mandates are caught between product innovators and process drivers. Balanced mandates are declining because they use a peer group as their target return. Balanced mandate managers focus on what other balanced managers are doing; they concentrate on a performance benchmark consisting of peer groups and not on financial markets. This leads to what is known as herding.
There are other systematic risk exposures that have been previously closed to investors because of the difficulty of accessing these risk exposures. However, with the advent of ETFs and the slicing and dicing they can produce, new betas, alternative betas, have been identified and accessed. Consider the currency markets. Currency exposure has generally been considered a by-product of international economic exposure. For the most part, currency risk has been considered a necessary evil of globally diversified portfolios.