CFA特许金融分析师一级押题_其他.pdf

Alternatives(1)  Compared with traditional investments, over longer periods, alternative investments are least likely to have： A. better diversifying power. B. higher expected returns. C. more efficiently priced assets.  Solution: C. C is correct. Alternative investment strategies are more likely to include securities that trade in less liquid markets than securities that trade in relatively more liquid markets in which traditional, long-only investments trade. A is incorrect because alternative investments generally have low return correlations with traditional asset markets, providing better diversification benefits. B is incorrect because alternative investments are expected to produce higher returns (particularly on a risk-adjusted basis) than traditional markets, in part because they focus on less efficient markets. Alternatives(2)  Categories of alternative investments would least likely be described by which of the following? A. Fine wine and other tangibles B. Schools and other long-lived real assets C. Cash and other liquid investments  Solution: C. C is correct. Cash and other short-term liquid investments would not generally be considered alternative investments. Alternative investments fall outside of the definition of long-only publicly traded investments in stocks, bonds, and cash (often referred to as traditional investments). In other words, these investments are alternatives to long-only positions in stocks, bonds, and cash. Alternatives(3)  A hedge fund uses derivative positions to take a long position in the Japanese yen and a short position in the euro. The classification of this hedge fund is most likely: A. an event-driven fund. B. a macro strategy fund C. a quantitative directional fund  Solution: B. Macro strategy funds inv