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

CAIA Association has constructed examinations that are used to certify Chartered replacement funding Analysts. The Level I curriculum builds a origin in either conventional and substitute funding markets--for instance, the variety of records which are used to outline funding functionality in addition as the many sorts of hedge fund strategies. The readings for the extent II exam focus at the comparable ideas, yet switch the context to 1 of hazard administration and portfolio optimization. Level II CAIA examination takers have to paintings in the course of the following agenda:

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

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S. 3%. Salaries of faculty and administrators comprise 45% of HEPI, clerical and service employee salaries are a 27% weight, and fringe benefits are 13% of the calculation; services, supplies, and utilities are approximately 15% of college and university expenditures. The rate of inflation as measured by HEPI is typically higher than that measured by the CPI. S. S. S. Aggregate Source: Bloomberg, 2011 NACUBO-Commonfund Study of Endowments. 12 ASSET ALLOCATION AND PORTFOLIO MANAGEMENT In order to maintain the real value of assets into perpetuity, as well as to meet a payout ratio of 5%, a foundation that does not have any gift income has an aggressive return target: the rate of inflation plus 5%, or even higher when the foundation’s spending rate exceeds 5%.

The role of fundamental demand and supply factors is explored, as well as the financial market drivers of commodity returns, including linkages to currency markets, interest rates, inflation, and the business cycle. Risk management of commodity strategies is also included, with studies in liquidity risk and event risk management. The final section, Part Five, discusses hedge funds and managed futures. The first four chapters, 29 to 32, cover managed futures strategies. The structure of the managed futures industry and its regulatory framework are presented, and each managed futures strategy and its risk-return profile are explained.

These obligations include the annual spending rate as well as the capital calls from private equity and real estate limited partnerships. If there are mismatches between the maturity of an entity’s assets and its liabilities, the entity is exposed to illiquidity risk. While liquidity is certainly a risk for endowments, these funds have long lives and can afford to take a fair amount of illiquidity risk. 91% for some investment strategies. The size of this premium varies through time, with studies suggesting that illiquidity premiums declined in the years leading to the financial crisis.

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