By CAIA Association, Hossein Kazemi, Keith H. Black, Donald R. Chambers
CAIA Association has constructed examinations that are used to certify Chartered replacement funding Analysts. The Level I curriculum builds a beginning in either conventional and substitute funding markets--for instance, the variety of facts which are used to outline funding functionality in addition as the many sorts of hedge fund strategies. The readings for the extent II exam focus at the similar recommendations, yet switch the context to at least one of possibility 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 marketplace creation
- performance and magnificence attribution
- indexation and benchmarking
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Additional info for CAIA Level II: Advanced Core Topics in Alternative Investments
When the endowment fund generates high returns with a low spending rate, the size of the endowment fund increases. This may lead to concerns about intergenerational equity, as the spending on current beneficiaries could likely be increased without compromising the probability of the endowment continuing into perpetuity. Conversely, a conservative asset allocation with a high spending rate may favor the current generation, yet imperil the real value of the endowment in the long run. Kochard and Rittereiser (2008) present a history of endowment spending models.
1. The wealth of college and university endowments is highly concentrated at a small number of institutions. At June 2011, 75 of the 839 colleges and universities reporting to the NACUBO survey had assets exceeding $1 billion. S. and Canadian colleges and universities. Foundations located in the United States have even greater assets than college and university endowments. S. foundations controlled over $590 billion in assets, the vast majority of which were held by independent, individual, and family foundations.
The literature discusses at least five such advantages that may explain the excellent returns earned by large endowments in recent years: 1. 2. 3. 4. 5. An aggressive asset allocation Effective investment manager research First-mover advantage Access to a network of talented alumni Acceptance of liquidity risk Investors lacking these advantages may find it difficult to earn top returns, even when following the endowment model. 6% of the variance in fund returns. 5%, can be explained by security selection and market timing.