CFA 2019 Schweser - Level 2 SchweserNotes Book 5: ALTERNATIVE INVESTMENTS AND PORTFOLIO MANAGEMENT

Contents......Page 2
List of pages......Page 4
Learning Outcome Statements (LOS)......Page 9
Module 42.1: Introduction and Commercial Property Types......Page 17
Module 42.2: Valuation Approaches, Direct Capitalization, and NOI......Page 24
Module 42.3: Valuation Using Stabilized NOI, Multipliers, DCF......Page 28
Module 42.4: Valuation Using Cost Approach and Sales Comparison......Page 34
Module 42.5: Due Diligence, Indices, and Ratios......Page 38
Key Concepts......Page 43
Answer Key for Module Quizzes......Page 46
Module 43.1: Introduction to REOCs and REITs, Structures, Types......Page 48
Module 43.2: REIT Valuation NAVPS......Page 57
Module 43.3: REIT Valuation FFO/AFFO, DCF......Page 59
Key Concepts......Page 65
Answer Key for Module Quizzes......Page 69
Module 44.1: Valuation Issues......Page 72
Module 44.2: Exit Routes, Costs, Risks, and Financial Performance Ratios......Page 82
Module 44.3: Fee and Distribution Calculations......Page 93
Module 44.4: Venture Capital Funding—Single Round......Page 96
Module 44.5: Venture Capital Funding—Multiple Rounds......Page 100
Key Concepts......Page 106
Answer Key for Module Quizzes......Page 111
Module 45.1: Introduction and Theories of Return......Page 117
Module 45.2: Analyzing Returns and Index Construction......Page 124
Key Concepts......Page 129
Answer Key for Module Quizzes......Page 132
Topic Assessment: Alternative Investments......Page 133
Topic Assessment Answers: Alternative Investments......Page 135
Module 46.1: The Portfolio Management Process and the Investment Policy Statement......Page 136
Key Concepts......Page 146
Answer Key for Module Quizzes......Page 148
Module 47.1: Multifactor Models......Page 150
Module 47.2: Macroeconomic Factor Models, Fundamental Factor Models, and Statistical Factor Models......Page 154
Module 47.3: Multifactor Model Risk and Return......Page 159
Key Concepts......Page 167
Answer Key for Module Quizzes......Page 169
Module 48.1: Value at Risk (VaR)......Page 171
Module 48.2: Using VaR......Page 175
Module 48.3: Sensitivity and Scenario Risk Measures......Page 179
Module 48.4: Applications of Risk Measures......Page 180
Module 48.5: Constraints and Capital Allocation Decisions......Page 182
Key Concepts......Page 185
Answer Key for Module Quizzes......Page 188
Module 49.1: Valuation and Interest Rates......Page 189
Module 49.2: The Business Cycle......Page 195
Key Concepts......Page 199
Answer Key for Module Quizzes......Page 201
Module 50.1: Value Added by Active Management......Page 203
Module 50.2: The Information Ratio vs. the Sharpe Ratio......Page 206
Module 50.3: The Fundamental Law......Page 209
Module 50.4: Active Management......Page 212
Module 51.1: Algorithmic Trading and High-Frequency Trading......Page 219
Key Concepts......Page 229
Answer Key for Module Quizzes......Page 231
Topic Assessment: Portfolio Management......Page 233
Topic Assessment Answers: Portfolio Management......Page 236
Formulas......Page 238