Alternative Investments

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The official CAIA Level 1 curriculum book

Alternative Investments: CAIA Level I, 3rd Edition is the curriculum book for the Chartered Alternative Investment Analyst (CAIA) Level I professional examination. Covering the fundamentals of the alternative investment space, this book helps you build a foundation in alternative investment markets. You'll look closely at the different types of hedge fund strategies and the range of statistics used to define investment performance as you gain a deep familiarity with alternative investment terms and develop the computational ability to solve investment problems. From strategy characteristics to portfolio management strategies, this book contains the core material you will need to succeed on the CAIA Level I exam. This updated third edition tracks to the latest version of the exam, and is accompanied by the following ancillaries: a workbook, study guide, learning objectives, and an ethics handbook.

Most investment analyst education programs focus primarily on the traditional asset classes, pushing alternative investments to the sidelines. The CAIA designation was developed in response to the tremendous growth of alternative investing, and is the industry's premier educational standard. This book is your official study companion, bringing you fully up to speed on everything you need to know (with the exception of the ethics material covered in a separate handbook).

Understand the complexities of each alternative asset class

Learn the quantitative techniques professionals use every day

Dig into the unique aspects of alternative investments

Master the core material covered by the CAIA Level I exam

More than 300 financial institutions and hedge funds have committed key executives to the CAIA exam, and this rapidly growing trend speaks to the designation's rising status as a must-have credential for anyone in the alternative investment sphere. Increase your chances of success by getting your information straight from the source in CAIA Level I.

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Alternative Investments

CAIA Level I

Third Edition

Donald R. Chambers

Mark J.P. Anson

Keith H. Black

Hossein Kazemi

Cover image: © Getty Images

Cover design: Zoe Design Works

The second edition of this book was published in 2012 under the title CAIA Level I: An Introduction to Core Topics in Alternative Investments.

Published by John Wiley & Sons, Inc., Hoboken, New Jersey.

Published simultaneously in Canada.

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Library of Congress Cataloging-in-Publication Data:

Chambers, Donald R.

[CAIA level I]

Alternative investments: CAIA level I / Donald R. Chambers, Mark J.P. Anson with Keith H. Black, Hossein Kazemi. – Third Edition.

pages cm. – (Wiley finance)

Revised edition of CAIA level I, 2012.

Includes bibliographical references and index.

ISBN 978-1-119-00336-6 (hardback); ISBN 978-1-119-00338-0 (ePDF); ISBN 978-1-119-00337-3 (ePub) 1. Investments. 2. Securities. 3. Portfolio management. I. Anson, Mark Jonathan Paul. II. Black, Keith H. III. Anson, Mark Jonathan Paul. CAIA level I. IV. CAIA Association. V.Title. VI. Title: CAIA level one.

HG4521.C45123 2015

332.63-dc23

2015028407

Preface

Alternative Investments: CAIA Level I is designed as the primary reading resource for the Level I exam of the Chartered Alternative Investment Analyst (CAIA) Association's Charter program, as well as a textbook for university courses and a resource for alternative investment professionals. This book is a thrice-revised edition of Mark Anson's Handbook of Alternative Assets and represents another milestone in our efforts to continuously improve and update the CAIA curriculum. To ensure that the material best reflects up-to-date practices in the area of alternative investments, the CAIA Association invited a group of leading industry professionals to contribute to the production of the series, covering core areas of alternative investments: real assets, hedge funds, private equity, and structured products.

Foundation

Since its inception in 2002, the CAIA Association has striven to be the leader in alternative investment education worldwide, and to be the catalyst for the best education in the field wherever it lies. The CAIA program was established with the help of a core group of faculty and industry experts who were associated with the University of Massachusetts and the Alternative Investment Management Association (AIMA). From the beginning, the CAIA Association recognized that a meaningful portion of its curriculum must be devoted to codes of conduct and ethical behavior in the investment profession. To this end, with the permission and cooperation of the CFA Institute, we have incorporated its Code of Ethics and its

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