2024年3月23日发(作者：密码箱忘记密码怎么打开)
Alternative Investments
(Time: 15 Min.)
1. Compared to traditional investments, alternative investments are most likely to be more:
A. transparent
B. leveraged
C. liquid
Answer: B
Alternative investments tend to use more leverage and are typically less liquid and less
transparent than traditional investments.
2. A portfolio manager who adds hedge funds to a portfolio of traditional securities is most
likely seeking to:
A. increase expected returns only.
B. both increase expected returns and decrease portfolio variance.
C. decrease portfolio variance only.
Answer: B
For a portfolio of traditional securities, adding alternative investments such as hedge funds can
potentially increase the portfolio’s expected returns, because these investments often have higher
expected returns than traditional investments, and decrease portfolio variance, because returns on
these investments are less than perfectly correlated with returns on traditional investments.
3. Capital provided for companies beginning operation but before commercial manufacturing
and sales have occurred best describes which stage in venture capital investing?
A. Seed-stage
B. Early-stage
C. Later-stage
Answer: B
Early-stage financing is capital provided for companies moving into operation and before
commercial manufacturing and sales have occurred.
4. Which of the following statements is
least likely
an advantage of investing in hedge funds
through a fund of funds? Funds of funds provide:
A. an increase in expected return through diversification.
B. expertise in selecting funds and conducting due diligence.
C. access to successful funds that may otherwise be closed to new investors.
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