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CFA level 1 exam book | CFA study materials (viral)

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CFA all study materials are involved in this ppt Ready to conquer the CFA Level 1 exam? Join us in this insightful video as we deepen our dive into the essential CFA Level 1 exam book that’s a must-have for every aspiring finance champion! Discover chapter breakdowns, key topics, and expert tips that will help you harness the knowledge you need to pass your CFA with flying colors! We'll share strategies for effective study techniques, maximizing resources, and managing your time efficiently—crucial for CFA exam success! Are you prepared to level up your financial career? Hit play now and embark on your CFA journey with us! #CFA #FinanceGoals

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,Book 5: Alternative Investments,
Portfolio Management (Part Two),
and Ethical and Professional
Standards

SchweserNotes™ 2024
Level I CFA®

,SCHWESERNOTES™ 2024 LEVEL I CFA® BOOK 5: ALTERNATIVE INVESTMENTS, PORTFOLIO MANAGEMENT
(PART TWO), AND ETHICAL AND PROFESSIONAL STANDARDS

©2023 Kaplan, Inc. All rights reserved.

Published in 2023 by Kaplan, Inc.

ISBN: 978-1-0788-3543-5




These materials may not be copied without written permission from the author. The
unauthorized duplication of these notes is a violation of global copyright laws and the CFA
Institute Code of Ethics. Your assistance in pursuing potential violators of this law is greatly
appreciated.



Required CFA Institute Disclaimer: “Kaplan Schweser is a CFA Institute Prep Provider. Only CFA
Institute Prep Providers are permitted to make use of CFA Institute copyrighted materials which
are the building blocks of the exam. We are also required to create / use updated materials every
year and this is validated by CFA Institute. Our products and services substantially cover the
relevant curriculum and exam and this is validated by CFA Institute. In our advertising, any
statement about the numbers of questions in our products and services relates to unique,
original, proprietary questions. CFA Institute Prep Providers are forbidden from including CFA
Institute official mock exam questions or any questions other than the end of reading questions
within their products and services.
CFA Institute does not endorse, promote, review or warrant the accuracy or quality of the product
and services offered by Kaplan Schweser. CFA Institute®, CFA® and “Chartered Financial Analyst®”
are trademarks owned by CFA Institute.”
Certain materials contained within this text are the copyrighted property of CFA Institute. The
following is the copyright disclosure for these materials: “© Copyright CFA Institute”.
Disclaimer: The Schweser study tools should be used in conjunction with the original readings as
set forth by CFA Institute. The information contained in these study tools covers topics contained
in the readings referenced by CFA Institute and is believed to be accurate. However, their accuracy
cannot be guaranteed nor is any warranty conveyed as to your ultimate exam success. The
authors of the referenced readings have not endorsed or sponsored these study tools.

, CONTENTS
Learning Outcome Statements (LOS)

ALTERNATIVE INVESTMENTS

READING 78
Alternative Investment Features, Methods, and Structures
Module 78.1: Alternative Investment Structures
Key Concepts
Answer Key for Module Quizzes

READING 79
Alternative Investment Performance and Returns
Module 79.1: Performance Appraisal and Return Calculations
Key Concepts
Answer Key for Module Quizzes

READING 80
Investments in Private Capital: Equity and Debt
Module 80.1: Private Capital
Key Concepts
Answer Key for Module Quizzes

READING 81
Real Estate and Infrastructure
Module 81.1: Real Estate
Module 81.2: Infrastructure
Key Concepts
Answer Key for Module Quizzes

READING 82
Natural Resources
Module 82.1: Farmland, Timberland, and Commodities
Key Concepts
Answer Key for Module Quizzes

READING 83
Hedge Funds
Module 83.1: Hedge Funds
Key Concepts
Answer Key for Module Quizzes

Table of contents

  1. 01 Learning Outcome Statements (LOS) 7
  2. 02 Reading Alternative Investment Features, Methods, and Structures 10
    1. Module 78.1: Alternative Investment Structures 10
    2. Key Concepts 15
    3. Answer Key for Module Quizzes 16
  3. 03 Reading 79 Alternative Investment Performance and Returns 17
    1. Module 79.1: Performance Appraisal and Return Calculations 17
    2. Key Concepts 25
    3. Answer Key for Module Quizzes 25
  4. 04 Reading 80 Investments in Private Capital: Equity and Debt 27
    1. Module 80.1: Private Capital 27
    2. Key Concepts 31
    3. Answer Key for Module Quizzes 32
  5. 05 Reading 81 Real Estate and Infrastructure 33
    1. Module 81.1: Real Estate 33
    2. Module 81.2: Infrastructure 36
    3. Key Concepts 38
    4. Answer Key for Module Quizzes 38
  6. 06 Reading 82 Natural Resources 40
    1. Module 82.1: Farmland, Timberland, and Commodities 40
    2. Key Concepts 43
    3. Answer Key for Module Quizzes 44
  7. 07 Reading 83 Hedge Funds 45
    1. Module 83.1: Hedge Funds 45
    2. Key Concepts 49
    3. Answer Key for Module Quizzes 50
  8. 08 Reading 84 Introduction to Digital Assets 52
    1. Module 84.1: Distributed Ledger Technology 52
    2. Module 84.2: Digital Asset Characteristics 56
    3. Key Concepts 61
    4. Answer Key for Module Quizzes 62
  9. 09 Topic Quiz: Alternative Investments 64
  10. 10 Reading 85 Portfolio Management: An Overview 65
    1. Module 85.1: Portfolio Management Process 65
    2. Module 85.2: Asset Management and Pooled Investments 69
    3. Key Concepts 72
    4. Answer Key for Module Quizzes 74
  11. 11 Reading 86 Basics of Portfolio Planning and Construction 76
    1. Module 86.1: Portfolio Planning and Construction 76
    2. Key Concepts 84
    3. Answer Key for Module QUIZZES 86
  12. 12 Reading 87 The Behavioral Biases of Individuals 88
    1. Module 87.1: Cognitive Errors vs. Emotional Biases 88
    2. Module 87.2: Emotional Biases 94
    3. Key Concepts 99
    4. Answer Key for Module QUIZZES 100
  13. 13 Reading 88 Introduction to Risk Management 102
    1. Module 88.1: Introduction to Risk Management 102
    2. Key Concepts 109
    3. Answer Key for Module QUIZZES 110
  14. 14 Topic Quiz: Portfolio Management 112
  15. 15 Reading 89 Ethics and Trust in the Investment Profession 113
    1. Module 89.1: Ethics and Trust 113
    2. Key Concepts 117
    3. Answer Key for Module QUIZZES 118
  16. 16 Reading 90 Code of Ethics and Standards of Professional Conduct 120
    1. Module 90.1: Code and Standards 120
    2. Answer Key for Module QUIZZES 124
  17. 17 Reading 91 Guidance for Standards I–VII 126
    1. Module 91.1: Guidance for Standards I(A) and I(B) 126
    2. Standard I: Professionalism1 128
    3. Module 91.2: Guidance for Standards I(C) and I(D) 129
    4. Module 91.3: Guidance for Standard II 131
    5. Standard II: Integrity of Capital Markets 131
    6. Module 91.4: Guidance for Standards III(A) and III(B) 133
    7. Standard III: Duties to Clients 133
    8. Module 91.5: Guidance for Standards III(C), III(D), and III(E) 135
    9. Module 91.6: Guidance for Standard IV 138
    10. Standard IV: Duties to Employers 138
    11. Module 91.7: Guidance for Standard V 141
    12. Standard V: Investment Analysis, Recommendations, and Actions 141
    13. Module 91.8: Guidance for Standard VI 145
    14. Standard VI: Conflicts of Interest 145
    15. Module 91.9: Guidance for Standard VII 147
    16. Standard VII: Responsibilities as a CFA Institute Member or CFA Candidate 147
    17. Answer Key for Module Quizzes 149
  18. 18 Reading 92 Introduction to the Global Investment Performance Standards (GIPS) 154
    1. Module 92.1: Introduction to GIPS 154
    2. Key Concepts 157
    3. Answer Key for Module QUIZZES 158
  19. 19 Reading 93 Ethics Application 159
    1. Module 93.1: Ethics Application 159
    2. Answer Key for Module QUIZZES 166
  20. 20 Topic Quiz: Ethical and Professional Standards 169
  21. 21 Formulas 170
  22. 22 Index 171

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