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、A typical hedge fund fee structure is least likely to include a:【单选题】

A.base fee.

B.high water mark.

C.negative incentive fee.

正确答案:C

答案解析:”Alternative Investments,” Bruno Solnik and Dennis McLeavey
2010 Modular Level I, Vol. 6, pp. 220-221
Study Session 18-73-i
Define hedge fund in terms of objectives, legal structure, and fee structure, and describe the various classifications of hedge fund.
C is correct because the fee structure can include a base fee and “high water mark” but not a negative performance fee. The lowest performance fee would be zero.

2、High Plains Capital is a hedge fund with a portfolio valued at $475,000,000 at the beginning of the year. One year later, the value of assets under management is $541,500,000. The hedge fund charges a 1.5% management fee based on the end-of-year portfolio value, and a 10% incentive fee. If the incentive fee and management fee are calculated independently, the effective return for a hedge fund investor is closest to:【单选题】

A.10.89%.

B.11.06%.

C.12.29%.

正确答案:A

答案解析:“Introduction to Alternative Investments,” Terri Duhon, George Spentzos, CFA, and Scott D. Stewart, CFA
2013 Modular Level I, Vol. 6, Reading 66, Section 3.3.1
Study Session 18-66-f
Describe, calculate, and interpret management and incentive fees and net-of-fees returns to hedge funds.
A is correct. The management fee = $541,500,000 × 0.015 = $8,122,500
The incentive fee = ($541,500,000 - $475,000,000) × 0.10 = $6,650,000
Total fees = $14,772,500
Return = ($541,500,000 - $475,000,000 - $14,772,500)/$475,000,000 = 0.1089 or 10.89%.

3、A 2-year, zero-coupon U.S.Treasury note is least likely to have:【单选题】

A.inflation risk.

B.currency risk.

C.volatility risk.

正确答案:C

答案解析:2年期的美国零息国债仍然有购买力风险。若非本币为美元的投资者，仍会有汇率风险。但最不会受到波动性风险，波动性风险主要影响可赎回债券（callable bond）和可回售债券（putable bond）。

4、When the spot price of a commodity is above the futures price, the commodity market is said to be in:【单选题】

A.contango.

B.full carry.

C.backwardation.

正确答案:C

答案解析:“Investing in Commodities,” Ronald G. Layard-Liesching
2010 Modular Level I, Vol. 6, pp. 266-267
Study Session 18-74-a
Explain the relationship between spot prices and expected future prices in terms of contango and backwardation.
C is correct because when a commodity market is in backwardation, the futures prices is below the spot price as market participants believe the spot price will be
lower in the future. When spot prices are below the futures price, the market is said to be in contango.

5、Which attribute would a private equity firm most likely desire when deciding if a company isparticularly attractive as a leveraged buyout target?【单选题】

A.Efficient management

B.Market value exceeds intrinsic value

C.Sustainable cash flow

正确答案:C

答案解析:Private equity firms look for companies that have strong cash flows and a significant amount ofphysical assets. These physical assets can be used as security and borrowed against.
CFA Level I
"Introduction to Alternative Investments," Terri Duhon, George Spentzos, and Scott D. Stewart
Section 4.2.1.2