CAIA Level II: Advanced Core Topics in Alternative by CAIA Association, Hossein Kazemi, Keith H. Black, Donald R.

By CAIA Association, Hossein Kazemi, Keith H. Black, Donald R. Chambers

CAIA Association has built examinations that are used to certify Chartered substitute funding Analysts. The Level I curriculum builds a beginning in either conventional and substitute funding markets--for instance, the variety of information which are used to outline funding functionality besides as the many sorts of hedge fund strategies. The readings for the extent II exam focus at the related thoughts, yet switch the context to at least one of hazard administration and portfolio optimization. Level II CAIA examination takers have to paintings during the following agenda:

  • asset allocation & portfolio oversight
  • style analysis
  • risk management
  • alternative asset securitization
  • secondary marketplace creation
  • performance and magnificence attribution 
  • indexation and benchmarking

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A sticky spending rate, such as $3 million per year, provides Risk Management for Endowment and Foundation Portfolios 23 certainty of income to the university, but can create concerns of intergenerational equity after a large gain or loss in the value of the endowment. Recognizing that volatility in the income provided to university operations was unwelcome, more flexible spending rules were developed. Spending 4% of the average value of the endowment over the trailing three to five years creates a smoothing process that dampens the impact of the volatility of portfolio returns on the income provided to the university.

In contrast to the median SAT score of all college-bound students of 1,000, Li, Zhang, and Zhao found that the middle 50% of hedge fund managers attended colleges and universities with average SAT scores between 1,199 and 1,421, demonstrating that the majority of hedge fund managers attended the most competitive colleges and universities. Within this group of studied hedge fund managers, the research showed that hedge fund managers who attended undergraduate colleges with higher SAT scores have higher returns 1 SAT is a registered trademark of the College Board.

When the probability of the endowment surviving perpetually is low, such as 25%, the current generation has an advantage due to the high spending rate of the endowment. Conversely, a high probability of perpetuity, such as 75%, gives an advantage to future generations, as the endowment would likely survive indefinitely even if the current rate of spending were increased. The challenge of the endowment manager is to maintain the long-term, inflationadjusted value of the endowment’s corpus or principal value.

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