CAIA Level II: Advanced Core Topics in Alternative by CAIA Association, Hossein Kazemi, Keith H. Black, Donald R.

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

CAIA Association has constructed examinations that are used to certify Chartered substitute funding Analysts. The Level I curriculum builds a beginning in either conventional and replacement funding markets--for instance, the diversity of facts which are used to outline funding functionality to boot as the many sorts of hedge fund strategies. The readings for the extent II exam focus at the related options, yet swap the context to 1 of danger administration and portfolio optimization. Level II CAIA examination takers have to paintings throughout the following agenda:

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

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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%. 9%, a rate substantially higher than stock and bond returns over the same time period. Return targets are even higher when the institution faces a higher inflation rate such as HEPI, but lower when there is a substantial and regular flow of donations to the organization.

When the probability of the endowment surviving perpetually is low, such as 25%, the current generation has an advantage due to the high spending rate of the endowment. Conversely, a high probability of perpetuity, such as 75%, gives an advantage to future generations, as the endowment would likely survive indefinitely even if the current rate of spending were increased. The challenge of the endowment manager is to maintain the long-term, inflationadjusted value of the endowment’s corpus or principal value.

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%. 9%, a rate substantially higher than stock and bond returns over the same time period. Return targets are even higher when the institution faces a higher inflation rate such as HEPI, but lower when there is a substantial and regular flow of donations to the organization.

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