Alternative Investments - CFA Institute

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Auteur(s) : CFA Institute

Editeur : John Wiley & Sons Inc

Langue : Anglais

Parution : 28/02/2022

Format : Moyen, de 350g à 1kg

Nombre de pages : 672

Expédition : 1370

Dimensions : 25.8 x 18.3 x 4.1

ISBN : 1119850606

Résumé :

The complete guide to alternative investments, from experts working with CFA Institute

Alternative Investments is the definitive guide to understanding non-traditional asset classes. Alternatives are a disparate group of investments that are distinguished from long-only, publicly traded investments in stocks, bonds, and cash (often referred to as traditional investments). Alternative investments include real estate, commodities, infrastructure, and other non-traditional investments such as private equity or debt and hedge funds. They are attractive to investors because of the potential for portfolio diversification resulting in a higher risk-adjusted return for the portfolio.

Alternative Investments and its accompanying workbook (sold separately) lead students and investment professionals through the many characteristics of non-traditional assets, including:

• Narrow specialization of the investment managers
• Relatively low correlation of returns with those of traditional investments
• Less regulation and less transparency than traditional investments
• Limited historical risk and return data
• Unique legal and tax considerations
• Higher fees, often including performance or incentive fees
• Concentrated portfolios
• Restrictions on redemptions (i.e. lockups and gates)

CFA Institute is the world's premier association for investment professionals, and the governing body for the CFA? Program, CIPM? Program, CFA Institute ESG Investing Certificate, and Investment Foundations? Program. Those seeking a deeper understanding of the markets, mechanisms, and use of alternatives will value the level of expertise CFA Institute brings to the discussion, providing a clear, comprehensive resource for students and professionals alike. Whether used alone or in conjunction with the companion workbook, Alternative Investments offers a complete course in alternative investments and their role in investment management.

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Biographie:

CFA Institute is the global association of investment professionals that sets the standard for professional excellence and credentials. The organization is a champion for ethical behavior in investment markets and a respected source of knowledge in the global financial community. The end goal: to create an environment where investors' interests come first, markets function at their best, and economies grow. CFA Institute has more than 170,000 members in 160+ countries and territories, including 163,000 CFA charterholders, and 150+ member societies. For more information, visit www.cfainstitute.org.

Sommaire:

Foreword xv
Preface xvii
Acknowledgments xix
About the CFA Institute Investment Series xxi

Chapter 1 Introduction to Corporate Governance and Other ESG

1. Introduction and Overview of Corporate Governance 2
1.1. Corporate Governance Overview 2

2. Stakeholder Groups 4
2.1. Stakeholder Groups 4

3. Principal- Agent and Other Relationships in Corporate Governance 7
3.1. Shareholder and Manager/Director Relationships 8
3.2. Controlling and Minority Shareholder Relationships 8
3.3. Manager and Board Relationships 9
3.4. Shareholder versus Creditor Interests 9
3.5. Other Stakeholder Conflicts 10

4. Overview and Mechanisms of Stakeholder Management 10
4.1. Overview of Stakeholder Management 10
4.2. Mechanisms of Stakeholder Management 11

5. Mechanisms to Mitigate Associated Stakeholder Risks 15
5.1. Employee Laws and Contracts 16
5.2. Contractual Agreements with Customers and Suppliers 17
5.3. Laws and Regulations 17

6. Company Boards and Committees 18
6.1. Composition of the Board of Directors 18
6.2. Functions and Responsibilities of the Board 19
6.3. Board of Directors Committees 20

7. Relevant Factors in Analyzing Corporate Governance and Stakeholder Management 22
7.1. Market Factors 22
7.2. Non- Market Factors 24

8. Risks and Benefits of Corporate Governance and Stakeholder Management 25
8.1. Risks of Poor Governance and Stakeholder Management 26
8.2. Benefits of Effective Governance and Stakeholder Management 27

9. Factors Relevant to Corporate Governance and Stakeholder Management Analysis 28
9.1. Economic Ownership and Voting Control 29
9.2. Board of Directors Representation 29
9.3. Remuneration and Company Performance 30
9.4. Investors in the Company 31
9.5. Strength of Shareholders' Rights 31
9.6. Managing Long- Term Risks 32
9.7. Summary of Analyst Considerations 32

10. ESG Considerations for Investors and Analysts 33
10.1. Introduction to Environmental, Social, and Governance issues 33
10.2. ESG Investment Strategies 34
10.3. ESG Investment Approaches 35
10.4. Catalysts for Growth in ESG Investing 38
10.5. ESG Market Overview 39
10.6. ESG Factors in Investment Analysis 39

Chapter 2 Introduction to Alternative Investments 45

1. Introduction 45
1.1. Why Investors Consider Alternative Investments 46
1.2. Categories of Alternative Investments 47

2. Investment Methods 49
2.1. Methods of Investing in Alternative Investments 49
2.2. Advantages and Disadvantages of Direct Investing, Co- investing, and Fund Investing 51
2.3. Due Diligence for Fund Investing, Direct Investing, and Co- investing 54

3. Investment and Compensation Structures 56
3.1. Partnership Structures 56
3.2. Compensation Structures 58
3.3. Common Investment Clauses, Provisions, and Contingencies 59

4. Hedge Funds 62
4.1. Characteristics of Hedge Funds 62
4.2. Hedge Fund Strategies 66
4.3. Hedge Funds and Diversification Benefits 71

5. Private Capital 71
5.1. Overview of Private Capital 71
5.2. Description: Private Equity 72
5.3. Description: Private Debt 76
5.4. Risk/Return of Private Equity 79
5.5. Risk/Return of Private Debt 79
5.6. Diversification Benefits of Investing in Private Capital 81

6. Natural Resources 82
6.1. Overview of Natural Resources 82
6.2. Characteristics of Natural Resources 83
6.3. Risk/Return of Natural Resources 87
6.4. Diversification Benefits of Natural Resources 90
6....