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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(r) Program, CIPM(r) Program, CFA Institute ESG Investing Certificate, and Investment Foundations(r) 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.
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(r) Program, CIPM(r) Program, CFA Institute ESG Investing Certificate, and Investment Foundations(r) 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.
Foreword xv
Preface xvii
Acknowledgments xix
About the CFA Institute Investment Series xxi
Chapter 1 Introduction to Corporate Governance and Other ESG
Considerations 1
Learning Outcomes 1
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
Summary 42
Chapter 2 Introduction to Alternative Investments 45
Learning Outcomes 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
6.5. Instruments 95
7. Real Estate 96
7.1. Overview of the Real Estate Market 96
7.2. Characteristics: Forms of Real Estate Ownership 98
7.3. Characteristics: Real Estate Investment Categories 103
7.4. Risk and Return Characteristics 105
7.5. Diversification Benefits 108
8. Infrastructure 110
8.1. Introduction and Overview 110
8.2. Description 112
8.3. Risk and Return Characteristics 114
8.4. Diversification Benefits 117
9. Issues in Performance Appraisal 118
9.1. Overview of Performance Appraisal for Alternative Investments 118
9.2. Common Approaches to Performance Appraisal and Application Challenges 119
9.3. Private Equity and Real Estate Performance Evaluation 122
9.4. Hedge Funds: Leverage, Illiquidity, and Redemption Terms 124
10. Calculating Fees and Returns 128
10.1. Alternative Asset Fee Structures and Terms 129
10.2. Custom Fee Arrangements 129
10.3. Alignment of Interests and Survivorship Bias 134
Summary 136
Chapter 3 Real Estate Investments 145
Learning Outcomes 145
Section A. Overview of Types of Real Estate Investment 146
1. Introduction and Basic Forms of Real Estate Investment 146
1.1. Real Estate Market Size 147
1.2. Real Estate Investment: Basic Forms 147
1.3. Characteristics 150
1.4. Risk Factors 153
2. Economic Value Drivers, Role in Portfolio, and Risk/Return of Real Estate Investments Relative to Stocks and Bonds 157
2.1. Economic Drivers 157
2.2. Role of Real Estate in an Investment Portfolio 160
2.3. Real Estate Risk and Return Relative to Stocks and Bonds 163
2.4. Classifications 166
2.5. Investment Characteristics by Property Type 168
3. Considerations in Analysis and Due Diligence 173
4. Indexes 175
4.1. Appraisal- Based Indexes 175
4.2. Transaction- Based Indexes 176
4.3. Advantages and Disadvantages of Appraisal- Based and Transaction- Based Indexes 177
4.4. Real Estate Security Indexes 179
Section B. Investments in Real Estate through Private Vehicles 179
5. Introduction to Valuation Approaches 179
5.1. Highest and Best Use 181
6. The Income Approach to Valuation: Discount Rates and the Direct Capitalization of NOI and DCF Methods 182
6.1. Similarities in Approaches 183
6.2. The Direct Capitalization Method 183
7. The DCF Method, the Relationship between Discount Rate and Cap Rate, and the Terminal Capitalization Rate 187
7.1. The Relationship between the Discount Rate and the Cap Rate 187
7.2. The Terminal Capitalization Rate 189
8. Private Market Real Estate Debt 194
Section C. Investments in Real Estate Through Publicly Traded Securities 197
9. Types of Publicly Traded Real Estate Securities 197
9.1. REIT Structures 198
9.2. Market Size 199
9.3. Benefits and Disadvantages of Investing in REITs 200
10. Valuation: Net Asset Value Approach 203
10.1. Accounting for Investment Properties 203
10.2. Net Asset Value per Share: Calculation 204
10.3. Net Asset Value per Share: Application 206
11. Valuation: Relative Value (Price Multiple) Approach 208
11.1. Relative Value Approach to Valuing REIT Stocks 208
11.2. Funds from Operations and Adjusted Funds from Operations 209
11.3. P/FFO and P/AFFO Multiples: Advantages and Drawbacks 214
12. REIT Mini Case Study: Example of Disclosures and Valuation Analysis 215
12.1. Selection of Valuation Methods 221
13. Private versus Public: A Comparison 223
Summary 224
General Characteristics of Real Estate 225
Private Equity Real Estate 226
Publicly Traded Real Estate Securities 226
Chapter 4 Private Equity Investments 239
Learning Outcomes 239
1. Introduction 239
2. Introduction to Valuation Techniques in Private Equity Transactions 241
2.1. How Is Value Created in Private Equity? 244
2.2. Using Market Data in Valuation 247
3. Contrasting Venture Capital and Buyout Investments 248
4. LBO model for valuation of Buyout Transactions 249
4.1. The LBO Model 250
5. VC Method for valuation of Venture Capital Transactions 1 253
5.1. Expected Exit Valuation 254
5.2. Required Rate of Return 254
5.3. Option Pools 255
5.4. Stage Financing 256
6. Exit Routes: Return Cash to Investors 258
6.1. Exit Routes: Summary 259
7. Risks and Costs of investing in Private Equity 260
7.1. What Are the Risks and Costs of Investing in Private Equity? 260
8. Private Equity Fund Structures and Terms 261
8.1. Economic Terms 263
8.2. Corporate Governance Terms 264
8.3. Due Diligence Investigations by Potential Investors 266
8.4. Private Equity Fund Valuation 266
9. Evaluating Fund Performance and Concept in Action: Evaluating a Private Equity Fund 267
9.1. Analysis of IRR since Inception 267
9.2. Analysis of Return Multiples 268
Summary 272
Chapter 5 Introduction to Commodities and Commodity Derivatives 279
Learning Outcomes 279
1. Introduction 279
2. Commodity Sectors 280
2.1. Commodity Sectors 282
3. Life Cycle of Commodities 284
3.1. Energy 285
3.2. Industrial/Precious Metals 286
3.3. Livestock 287
3.4. Grains 288
3.5. Softs 289
4. Valuation of Commodities 290
5. Commodities...
| Erscheinungsjahr: | 2021 |
|---|---|
| Fachbereich: | Betriebswirtschaft |
| Genre: | Importe, Wirtschaft |
| Rubrik: | Recht & Wirtschaft |
| Medium: | Buch |
| Inhalt: | 672 S. |
| ISBN-13: | 9781119850601 |
| ISBN-10: | 1119850606 |
| Sprache: | Englisch |
| Einband: | Gebunden |
| Autor: | Cfa Institute |
| Hersteller: | Wiley |
| Verantwortliche Person für die EU: | Wiley-VCH GmbH, Boschstr. 12, D-69469 Weinheim, product-safety@wiley.com |
| Maße: | 258 x 183 x 41 mm |
| Von/Mit: | Cfa Institute |
| Erscheinungsdatum: | 24.11.2021 |
| Gewicht: | 1,37 kg |
Foreword xv
Preface xvii
Acknowledgments xix
About the CFA Institute Investment Series xxi
Chapter 1 Introduction to Corporate Governance and Other ESG
Considerations 1
Learning Outcomes 1
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
Summary 42
Chapter 2 Introduction to Alternative Investments 45
Learning Outcomes 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
6.5. Instruments 95
7. Real Estate 96
7.1. Overview of the Real Estate Market 96
7.2. Characteristics: Forms of Real Estate Ownership 98
7.3. Characteristics: Real Estate Investment Categories 103
7.4. Risk and Return Characteristics 105
7.5. Diversification Benefits 108
8. Infrastructure 110
8.1. Introduction and Overview 110
8.2. Description 112
8.3. Risk and Return Characteristics 114
8.4. Diversification Benefits 117
9. Issues in Performance Appraisal 118
9.1. Overview of Performance Appraisal for Alternative Investments 118
9.2. Common Approaches to Performance Appraisal and Application Challenges 119
9.3. Private Equity and Real Estate Performance Evaluation 122
9.4. Hedge Funds: Leverage, Illiquidity, and Redemption Terms 124
10. Calculating Fees and Returns 128
10.1. Alternative Asset Fee Structures and Terms 129
10.2. Custom Fee Arrangements 129
10.3. Alignment of Interests and Survivorship Bias 134
Summary 136
Chapter 3 Real Estate Investments 145
Learning Outcomes 145
Section A. Overview of Types of Real Estate Investment 146
1. Introduction and Basic Forms of Real Estate Investment 146
1.1. Real Estate Market Size 147
1.2. Real Estate Investment: Basic Forms 147
1.3. Characteristics 150
1.4. Risk Factors 153
2. Economic Value Drivers, Role in Portfolio, and Risk/Return of Real Estate Investments Relative to Stocks and Bonds 157
2.1. Economic Drivers 157
2.2. Role of Real Estate in an Investment Portfolio 160
2.3. Real Estate Risk and Return Relative to Stocks and Bonds 163
2.4. Classifications 166
2.5. Investment Characteristics by Property Type 168
3. Considerations in Analysis and Due Diligence 173
4. Indexes 175
4.1. Appraisal- Based Indexes 175
4.2. Transaction- Based Indexes 176
4.3. Advantages and Disadvantages of Appraisal- Based and Transaction- Based Indexes 177
4.4. Real Estate Security Indexes 179
Section B. Investments in Real Estate through Private Vehicles 179
5. Introduction to Valuation Approaches 179
5.1. Highest and Best Use 181
6. The Income Approach to Valuation: Discount Rates and the Direct Capitalization of NOI and DCF Methods 182
6.1. Similarities in Approaches 183
6.2. The Direct Capitalization Method 183
7. The DCF Method, the Relationship between Discount Rate and Cap Rate, and the Terminal Capitalization Rate 187
7.1. The Relationship between the Discount Rate and the Cap Rate 187
7.2. The Terminal Capitalization Rate 189
8. Private Market Real Estate Debt 194
Section C. Investments in Real Estate Through Publicly Traded Securities 197
9. Types of Publicly Traded Real Estate Securities 197
9.1. REIT Structures 198
9.2. Market Size 199
9.3. Benefits and Disadvantages of Investing in REITs 200
10. Valuation: Net Asset Value Approach 203
10.1. Accounting for Investment Properties 203
10.2. Net Asset Value per Share: Calculation 204
10.3. Net Asset Value per Share: Application 206
11. Valuation: Relative Value (Price Multiple) Approach 208
11.1. Relative Value Approach to Valuing REIT Stocks 208
11.2. Funds from Operations and Adjusted Funds from Operations 209
11.3. P/FFO and P/AFFO Multiples: Advantages and Drawbacks 214
12. REIT Mini Case Study: Example of Disclosures and Valuation Analysis 215
12.1. Selection of Valuation Methods 221
13. Private versus Public: A Comparison 223
Summary 224
General Characteristics of Real Estate 225
Private Equity Real Estate 226
Publicly Traded Real Estate Securities 226
Chapter 4 Private Equity Investments 239
Learning Outcomes 239
1. Introduction 239
2. Introduction to Valuation Techniques in Private Equity Transactions 241
2.1. How Is Value Created in Private Equity? 244
2.2. Using Market Data in Valuation 247
3. Contrasting Venture Capital and Buyout Investments 248
4. LBO model for valuation of Buyout Transactions 249
4.1. The LBO Model 250
5. VC Method for valuation of Venture Capital Transactions 1 253
5.1. Expected Exit Valuation 254
5.2. Required Rate of Return 254
5.3. Option Pools 255
5.4. Stage Financing 256
6. Exit Routes: Return Cash to Investors 258
6.1. Exit Routes: Summary 259
7. Risks and Costs of investing in Private Equity 260
7.1. What Are the Risks and Costs of Investing in Private Equity? 260
8. Private Equity Fund Structures and Terms 261
8.1. Economic Terms 263
8.2. Corporate Governance Terms 264
8.3. Due Diligence Investigations by Potential Investors 266
8.4. Private Equity Fund Valuation 266
9. Evaluating Fund Performance and Concept in Action: Evaluating a Private Equity Fund 267
9.1. Analysis of IRR since Inception 267
9.2. Analysis of Return Multiples 268
Summary 272
Chapter 5 Introduction to Commodities and Commodity Derivatives 279
Learning Outcomes 279
1. Introduction 279
2. Commodity Sectors 280
2.1. Commodity Sectors 282
3. Life Cycle of Commodities 284
3.1. Energy 285
3.2. Industrial/Precious Metals 286
3.3. Livestock 287
3.4. Grains 288
3.5. Softs 289
4. Valuation of Commodities 290
5. Commodities...
| Erscheinungsjahr: | 2021 |
|---|---|
| Fachbereich: | Betriebswirtschaft |
| Genre: | Importe, Wirtschaft |
| Rubrik: | Recht & Wirtschaft |
| Medium: | Buch |
| Inhalt: | 672 S. |
| ISBN-13: | 9781119850601 |
| ISBN-10: | 1119850606 |
| Sprache: | Englisch |
| Einband: | Gebunden |
| Autor: | Cfa Institute |
| Hersteller: | Wiley |
| Verantwortliche Person für die EU: | Wiley-VCH GmbH, Boschstr. 12, D-69469 Weinheim, product-safety@wiley.com |
| Maße: | 258 x 183 x 41 mm |
| Von/Mit: | Cfa Institute |
| Erscheinungsdatum: | 24.11.2021 |
| Gewicht: | 1,37 kg |
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