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"Alternative Investments":Publicly traded securities
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Questions 1:
An investor who has positions in multiple long–short equity hedge funds and is concerned about whether these positions are sufficiently diversified will mostly likely be concerned about the lack of:
A 、transparency in reported positions.
B、 frequent independent valuations.
C 、liquidity in the underlying assets.
Questions 2:
Which of the following is least likely to reduce the likelihood of being defrauded by a dishonest money manager?
A、Third-party custody of assets under management
B 、Strong and consistent reported investment performance
C 、Independent verification of investment results
View answer resolution
【Answer to question 1】A
【analysis】
A is correct. Long–short hedge funds invest in liquid, publicly traded equity (taking long and short positions); therefore, the underlying positions can be reversed easily and there is no need for independent valuations because current market prices are available. The investor will have difficulty in determining if the different funds are holding diverse or concentrated positions (both within each fund and between funds) because hedge funds generally do not reveal their holdings.
B is incorrect because these funds hold publicly traded securities with fresh market prices.
C is incorrect because these funds hold publicly traded securities that trade in liquid markets.
【Answer to question 2】B
【analysis】
B is correct. To prevent fraud, involvement of third parties in the reporting and asset management process is helpful. A strong and consistent reported investment performance that lacks outside verification may actually be a warning sign.
A is incorrect. Third-party custody of assets under management helps to reduce the possibility of fraud.
C is incorrect. Independent verification of investment results helps to reduce the possibility of fraud
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