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2020年CFA考试《CFA一级》考试共240题,分为单选题。小编为您整理Alternative Investments5道练习题,附答案解析,供您备考练习。
1、Which of the following theories of the term structure of interest rates makes themost direct link between the yield curve now and future short-term interest ratesanticipated by investors?【单选题】
A.Pure expectations.
B.Liquidity preference.
C.Market segmentation.
正确答案:A
答案解析:完全预期理论认为收益率曲线取决于投资者对于当前和未来短期利率的预期。
2、An investor is concerned about interest rate risk.Which of the following bondshas the least interest rate risk? The bond with:【单选题】
A.5% yield and 10-year maturity.
B.5% yield and 15-year maturity.
C.6% yield and 10-year maturity.
正确答案:C
答案解析:息票率越低,提前得到的现金流就越少,未来的不确定性就越大,利率风险越大。期限越长,未来的不确定性越大,利率风险越大。所以这3只债券中有最小利率风险的是C。
3、All else being equal, the floor on a floating-rate security is most likely to benefitthe :【单选题】
A.issuer if interest rates fall.
B.bondholder if interest rates fall.
C.bondholder if interest rates rise.
正确答案:B
答案解析:对于浮动利率证券的利率底,意味着当利率下跌低于利率底时,该浮动利率证券还是以利率底来支付利息,锁定了债券持有人获得利息回报的最低下限,对于债券持有人是有利的。
4、Which of the following least likely describes an advantage of investing in hedge funds through a fund of funds? A fund of funds may provide investors with:【单选题】
A.lower fees due to economies of scale.
B.access to funds that are closed to new investors.
C.access to managers with expertise in finding reliable and good-quality hedge funds.
正确答案:A
答案解析:“Alternative Investments,” Bruno Solnik and Dennis McLeavey
2012 Modular Level I, Vol. 6, pp. 223–224
Study Session 18-66-k
Explain the benefits and drawbacks to fund of funds investing.
A is correct because the fees on funds of funds are usually higher. The fund of funds manager charges a fee, and there is a fee charged by each hedge fund.
5、An analyst does research about hedge funds.The returns from hedge funds thatcontain infrequently traded assets most likely exhibit a downward bias with respectto correlations with:【单选题】
A.both conventional equity returns and conventional fixed income returns.
B.conventional equity returns but not with conventional fixed income returns.
C.conventional fixed income returns but not with conventional equity returns.
正确答案:A
答案解析:由于对冲基金对业绩披露的要求并不严格,而对冲基金持有交易并不活跃的资产,此时无法得到该资产真实的市场价格,往往需要通过估计得到,而估计会使得资产价格有平滑的趋势,并不能真实反映出最新最真实的市场价格,因此所得出的对冲基金收益率与传统的股票和固定收益产品收益率的相关性降低。
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