2025 CFA© Program Curriculum Level I Volume 8 - ALTERNATIVE INVESTMENTS

✍ Scribed by CFA Institute

• Publisher: CFA Institute
• Year: 2025
• Tongue: English
• Leaves: 218
• Edition: 2025
• Category: Library

✦ Table of Contents

How to Use the CFA Program Curriculum
CFA Institute Learning Ecosystem (LES)
Designing Your Personal Study Program
Errata
Other Feedback
Alternative Investments
Learning Module 1 Alternative Investment Features, Methods, and Structures
Introduction
Alternative Investment Features
Alternative Investments: Features and Categories
Private Capital
Real Assets
Hedge Funds
Alternative Investment Methods
Alternative Investment Methods
Fund Investment
Co-Investment
Direct Investment
Alternative Investment Structures
Alternative Investment Ownership and Compensation Structures
Ownership Structures
Compensation Structures
Practice Problems
Solutions
Learning Module 2 Alternative Investment Performance and Returns
Introduction
Alternative Investment Performance
Alternative Investment Performance Appraisal
Comparability with Traditional Asset Classes
Performance Appraisal and Alternative Investment Features
Alternative Investment Returns
Alternative Investment Returns
Alternative Investment Return Calculations
Relative Alternative Investment Returns and Survivorship Bias
Practice Problems
Solutions
Learning Module 3 Investments in Private Capital: Equity and Debt
Introduction
Private Equity Investment Characteristics
Private Equity Investment Categories
Private Equity Exit Strategies
Risk–Return from Private Equity Investments
Private Debt Investment Characteristics
Private Debt Categories
Risk–Return of Private Debt
Diversification Benefits of Private Capital
Practice Problems
Solutions
Learning Module 4 Real Estate and Infrastructure
Introduction
Real Estate Features
Real Estate Investments
Real Estate Investment Structures
Real Estate Investment Characteristics
Source of Returns
Real Estate Investment Diversification Benefits
Infrastructure Investment Features
Infrastructure Investments
Infrastructure Investment Characteristics
Infrastructure Diversification Benefits
Practice Problems
Solutions
Learning Module 5 Natural Resources
Introduction
Natural Resources Investment Features
Land Investments vs. Real Estate
Features and Forms of Farmland and Timberland Investment
Commodity Investment Forms
Commodity Investment Features
Distinguishing Characteristics of Commodity Investments
Basics of Commodity Pricing
Natural Resource Investment Risk, Return, and Diversification
Commodities
Farmland and Timberland
Inflation Hedging and Diversification Benefits of Natural Resource Investments
Practice Problems
Solutions
Learning Module 6 Hedge Funds
Introduction
Hedge Fund Investment Features
Equity Hedge Fund Strategies
Event-Driven Strategies
Relative Value Strategies
Opportunistic Strategies
Distinguishing Characteristics of Hedge Fund Investments
Hedge Fund Investment Forms
Direct Hedge Fund Investment Forms
Indirect Hedge Fund Investment Forms
Hedge Fund Investment Risk, Return, and Diversification
Hedge Fund Investment Risks and Returns
Diversification Benefits of Hedge Fund Investments
Practice Problems
Solutions
Learning Module 7 Introduction to Digital Assets
Introduction
Distributed Ledger Technology
Proof of Work vs. Proof of Stake
Permissioned and Permissionless Networks
Types of Digital Assets
Digital Asset Investment Features
Distinguishing Characteristics of Digital Assets
Investible Digital Assets
Digital Asset Investment Forms
Direct Digital Asset Investment Forms
Indirect Digital Asset Investment Forms
Digital Forms of Investment for Non-Digital Assets
Digital Asset Investment Risk, Return, and Diversification
Digital Asset Investment Risks and Returns
Diversification Benefits of Digital Asset Investments
Practice Problems
Solutions
Glossary