By CAIA Association, Hossein Kazemi, Keith H. Black, Donald R. Chambers
CAIA Association has constructed examinations that are used to certify Chartered substitute funding Analysts. The Level I curriculum builds a starting place in either conventional and replacement funding markets--for instance, the variety of information which are used to outline funding functionality in addition as the many varieties of hedge fund strategies. The readings for the extent II exam focus at the similar innovations, yet swap the context to at least one of possibility administration and portfolio optimization. Level II CAIA examination takers have to paintings throughout the following agenda:
- asset allocation & portfolio oversight
- style analysis
- risk management
- alternative asset securitization
- secondary industry creation
- performance and magnificence attribution
- indexation and benchmarking
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Additional info for CAIA Level II: Advanced Core Topics in Alternative Investments
Some of the largest operating foundations are sponsored by global pharmaceutical companies with the goal of distributing medicine to patients who cannot afford to purchase these life-saving remedies. Community foundations are based in a specific geographical area, concentrating the charitable giving of the region’s residents. The gifts and investment returns received by the community foundation are distributed in the form of grants to other charities in the community. In contrast to endowments and operating foundations, community foundations do not operate their own programs, but donate funds to other organizations in their community.
As the longest-term investors, charged with protecting the real value of endowment principal for future generations of students, universities are seeking to earn liquidity premiums by investing in privately held vehicles, with the idea that their perpetual nature allows them to easily handle this liquidity risk. 7%, while other studies estimate liquidity premiums as high as 10%. Swensen (2009) explains that less liquid investments tend to have greater degrees of inefficient pricing. On average, investors overvalue liquid assets, which leaves undervalued and less liquid assets for investors with long-term investment horizons.
He argues that limiting spending will allow the endowment to better survive cyclical drawdowns and better compound wealth in perpetuity. 3 THE ENDOWMENT MODEL Aggressive return targets, as well as the perpetual life of many endowments and foundations, have led to an equally aggressive asset allocation. This asset allocation, which typically includes substantial allocations to alternative investments, has been called the endowment model. Universities with large endowments have been early adopters of alternative investments, and are well known as sophisticated investors across all areas of alternative investments.