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Mock Test 2 — Topic 8: Alternative Investments

Kết quả: 8/14 (57%) Nguồn: SAPP CFA1 Revision Mock Test 2 Liên kết: Alternatives

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Câu 92

Question 92: A fair value hierarchy for grouping an alternative investment fund’s assets is best described as being based on the:

(A) volatility of the assets’ fair values.

(B) degree to which the assets’ fair values are observable.

(C) proportion of the fund’s assets under management that each asset’s fair value represents.

Câu 97

Question 97: An appropriate natural resource investment for an investor who is interested in price appreciation, but does not require income stemming from outputs, is most likely to be:

(A) raw land.

(B) farmland

(C) timberland.

Câu 102

Question 102: What features do alternative investments typically exhibit compared to traditional investments?

(A) Longer time horizons and larger investment size.

(B) Longer time horizons and less specialized knowledge.

(C) Larger investment size and less specialized knowledge.

Câu 107

Question 107: An investment in a private equity fund that pursues a convertible arbitrage strategy is most likely to require a management fee which is a percentage of:

(A) committed capital.

(B) capital drawn down for investment.

(C) end-of-year assets under management.

Câu 110

Question 110: An investor who already has commodity futures contracts in her investment portfolio is considering adding cryptocurrency futures contracts. Relative to her current futures holdings, she can expect cryptocurrency futures contracts to be less:

(A) liquid.

(B) volatile.

(C) levered.

Câu 114

Question 114: Which of the following strategies is least likely to be pursued by a hedge fund?

(A) Relative value.

(B) Market neutral.

(C) Management buyouts.

Câu 120

Question 120: In the context of alternative investments, the most likely reason to pursue direct investing is:

(A) reduced need for due diligence.

(B) greater control over the investments.

(C) lower minimum investment amounts.

Câu 132

Question 132: If a venture capital fund makes loans directly to a private company without involving other parties, the debt is most likely to be:

(A) senior secured debt.

(B) senior unsecured debt.

(C) junior unsecured debt.

Câu 148

Question 148: Dr. Parker invested $2.5 million in Able Fund at the beginning of 20X1 and agreed to a 2-and-15 structure for fees with a hard hurdle rate of 5%. Management and incentive fees are calculated independently based on year-end assets under management. If the net asset value of Parker’s investment before fees reached $3.5 million at the end of 20X1, Parker’s return after fees is closest to:

(A) 30%.

(B) 31%.

(C) 32%.

Câu 149

Question 149: The stage of venture capital investing that involves product development and market research is referred to as the:

(A) seed stage.

(B) early stage.

(C) angel investing stage.

Câu 154

Question 154: A hedge fund that uses a market neutral strategy is most likely to have approximately equal investments in:

(A) long and short equities.

(B) equities and fixed income.

(C) domestic and international markets.

Câu 164

Question 164: Bob Johnson, a technology consultant, is a high net worth investor. He wants to passively invest up to 20% of his net worth in real estate as a diversified part of his investment portfolio. Johnson should most appropriately invest in:

(A) a real estate investment trust.

(B) a long-term net leased property.

(C) several residential rental properties.

Câu 173

Question 173: When a commodity has very little or no convenience yield, the futures market is said to be in:

(A) contango.

(B) backwardation.

(C) no-arbitrage equilibrium.

Câu 178

Question 178: A clawback provision is most likely to be included in the partnership agreement of an alternative investment fund that has:

(A) a catch-up clause.

(B) a high-water mark.

(C) a deal-by-deal waterfall.

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