In-depth point II examination practise direct from the CAIA Association
CAIA point II is the reputable learn advisor for the Chartered replacement funding Analyst specialist exam, and an authoritative advisor to operating within the replacement funding sphere. Written by means of the makers of the examination, this ebook offers in-depth assistance throughout the complete examination time table; the extent II options are kind of like point I, yet this time you are going to assessment them during the lens of chance administration and portfolio optimisation. subject matters comprise asset allocation and portfolio oversight, sort research, danger administration, replacement asset securitisation, secondary industry production, functionality and magnificence attribution and indexing and benchmarking, with transparent business enterprise and a logical development so that it will customize your training concentration. This new 3rd version has been up to date to align with the newest examination, and to mirror the present practices within the box.
The CAIA designation used to be constructed to supply a standardized wisdom base in the middle of explosive capital influx into substitute investments. This booklet presents a single-source repository of that crucial info, adapted to these getting ready for the extent II examination.
- Measure, computer screen and deal with money from a chance administration perspective
- Delve into complicated portfolio buildings and optimisation strategies
- Master the nuances of non-public fairness, genuine resources, commodities and hedge funds
- Gain professional perception into getting ready completely for the CAIA point II exam
The CAIA constitution programme is rigorous and finished, and the designation is globally regarded because the optimum typical in replacement funding schooling. applicants looking thorough guidance and unique motives of all points of different funding desire glance no additional than CAIA point II.
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Extra resources for Alternative Investments: CAIA Level II
Note that these estimates are typically adjusted to reflect current market conditions. This example is meant to illustrate an application of the model. 18, the optimal weights of a portfolio consisting of the three risky assets and one riskless asset can be calculated for different degrees of risk aversion. 8. A number of interesting observations can be drawn from these results. First, notice that the optimal weights are not very realistic. For example, for every degree of risk aversion, the optimal portfolio requires us to take a short position in the MSCI World Index.
0), then the fund will hold more of that risky asset. The reason is that the risky asset will help reduce the risk associated with growth in liabilities. For instance, if the liabilities behaved like bonds, then the fund would invest more in fixed-income instruments, as they would reduce the risk of the fund. 002, and the value of liabilities is 20% higher than the value of assets. What will be the optimal weight of the equity allocation? 132 It can be seen that, compared to the previous example, the fund will hold about 14% more in the risky asset because it can hedge some of the liability risk.
These represent points on the efficient frontier. 0046 Source: Bloomberg and authors’ calculations.