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、The management fee of a private equity fund that has not yet invested all of its committed capital is most likely based on:【单选题】

A.remaining capital.

B.committed capital.

C.invested capital.

正确答案:B

答案解析:The management fee of private equity funds is based on committed capital until the committed capital is fully drawn down and invested. This approach is in contrast to hedge funds, for which the management fee is based on invested capital.
2014 CFA Level I
"Introduction to Alternative Investments," by Terri Duhon, George Spentzos, and Scott D. Stewart
Section 4.1

2、Hedge funds that contain infrequently traded assets would most likely exhibit a downward bias with respect to:【单选题】

A.measured risk but not correlations with conventional equity investments.

B.correlations with conventional equity investments but not measured risk.

C.both measured risk and correlations with conventional equity investments.

正确答案:C

答案解析:”Alternative Investments,” Bruno Solnik and Dennis McLeavey
2010 Modular Level I, Volume 6, pp. 228-229
Study Session 18-73-l
Discuss the performance of hedge funds, the biases present in hedge fund performance measurement, and explain the effect of survivorship bias on the reported return and risk measures for a hedge fund data base.
The presence of infrequently traded assets leads to smoothed pricing that induces a significant downward bias to the measured risk of the assets as well as reducing the correlations of returns with conventional equity and fixed income returns.

3、An alternative investments fund that employs leverage and takes long and short positions in securities is most likely a:【单选题】

A.hedge fund.

B.venture capital fund.

C.leveraged buyout fund.

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, Sections 2.1
Study Session 18-66-b
Describe categories of alternative investments.
A is correct. Hedge funds invest in securities and may take long and short positions. They may also employ leverage.

4、An index provider has created a new investable index that tracks the hedge fund industry. Any fund that follows a long/short equity strategy can enter the index. The index provider places new constituents in the index at the end of each year and incorporates the new funds’ track record in the database. Which of the following is least likely a bias that might distort the historical performance of the index?【单选题】

A.Backfilling.

B.Self-selection.

C.Tracking error.

正确答案:C

答案解析:“Alternative Investments,” Bruno Solnik and Dennis McLeavey
2011 Modular Level I, Vol. 6, pp. 227-229
Study Session 18-74-l
Discuss the performance of hedge funds, the biases present in hedge fund performance measurement, and explain the effect of survivorship bias on the reported return and risk measures for a hedge fund database.
C is correct because this is not a bias that is associated with distorting the performance of a hedge fund index. Tracking error is a risk more commonly associated with mutual funds and ETFs when their investments deviate significantly from those in the index it is benchmarked against. Many hedge funds pursue absolute returns and may deviate materially from indices.

5、The real estate index most likely to suffer from sample selection bias is a(n):【单选题】

A.REIT index.

B.appraisal index.

C.repeat sales index.

正确答案:C

答案解析:Only properties that sell in each period and are included in the index and vary over time which may not be representative of the whole market.
2014 CFA Level I
“Introduction to Alternative Investments,” by Terri Duhon, George Spentzos, and Scott D. Stewart
Section 5.3