CFA LEVEL 3 EBOOK - 4

,Contents
1. Learning Outcome Statements
2. Reading 26: Hedge Fund Strategies
1. Exam Focus
2. Module 26.1: Overview of Hedge Fund Strategies
3. Module 26.2: Equity, Event-Driven, and Relative Value Strategies
4. Module 26.3: Opportunistic, Specialist, and Multi-Manager Strategies
5. Module 26.4: Factor Models and Portfolio Impact of Hedge Funds
6. Key Concepts
7. Answer Key for Module Quizzes
3. Reading 27: Asset Allocation to Alternative Investments
1. Exam Focus
2. Module 27.1: Role of Alternative Investments and Defining the Investment
Opportunity Set
3. Module 27.2: Considerations in Allocating to Alternative Investments
4. Module 27.3: Suitability, Approaches, Liquidity, and Monitoring in Allocating to
Alternative Investments
5. Key Concepts
6. Answer Key for Module Quizzes
4. Topic Assessment: Alternative Investments
5. Topic Assessment Answers: Alternative Investments
6. Reading 28: Overview of Private Wealth Management
1. Exam Focus
2. Module 28.1: Investment Concerns of Private Clients and Institutions
3. Module 28.2: Information and Skills Needed When Advising Private Clients
4. Module 28.3: Formulating Client Goals and Evaluating Risk Tolerance
5. Module 28.4: Capital Sufficiency Analysis for Client Goals
6. Module 28.5: Principles of Retirement Planning
7. Module 28.6: The Investment Policy Statement
8. Module 28.7: Portfolio Construction
9. Module 28.8: Portfolio Reporting and Review, and Evaluating an Investment
Program
10. Module 28.9: Ethical and Compliance Considerations, and Private Client
Segments
11. Key Concepts
12. Answer Key for Module Quizzes
7. Reading 29: Taxes and Private Wealth Management in a Global Context
1. Exam Focus
2. Module 29.1: Approaches to Taxation
3. Module 29.2: Accrual and Deferred Capital Gains Taxation
4. Module 29.3: Annual Wealth and Blended Taxation
5. Module 29.4: Tax Location
6. Module 29.5: After-Tax Return and Risk
7. Module 29.6: More Tax Alpha Strategies
8. Key Concepts
9. Answer Key for Module Quizzes
8. Reading 30: Estate Planning in a Global Context
1. Exam Focus

, 2. Module 30.1: Estate Planning
3. Module 30.2: Estimating Core Capital
4. Module 30.3: Gift vs. Bequest
5. Module 30.4: Other Estate Planning Techniques
6. Module 30.5: Residence vs. Source Taxation
7. Key Concepts
8. Answer Key for Module Quizzes
9. Reading 31: Concentrated Single-Asset Positions
1. Exam Focus
2. Module 31.1: Concentrated Single-Asset Positions
3. Module 31.2: Goal-Based and Location
4. Module 31.3: Strategies for Common Stock
5. Module 31.4: Private Businesses and Real Estate
6. Module 31.5: Comprehensive Example
7. Key Concepts
8. Answer Key for Module Quizzes
10. Reading 32: Risk Management for Individuals
1. Exam Focus
2. Module 32.1: Human and Financial Capital
3. Module 32.2: Risks and Insurance
4. Module 32.3: Life Insurance
5. Module 32.4: Annuities
6. Module 32.5: Comprehensive Example and Review
7. Key Concepts
8. Answer Key for Module Quizzes
11. Topic Assessment: Private Wealth Management
12. Topic Assessment Answers: Private Wealth Management
13. Formulas
14. Copyright

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