,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
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
