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"Alternative Investments":Advantages of investing in hedge funds
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Questions 1:
Compared with long-only investments in stocks and bonds, alternative investments are most likely characterized by less:
A 、flexibility to use derivatives.
B 、manager specialization.
C 、transparency.
Questions 2:
Which of the following least likely describes an advantage of investing in hedge funds through a fund of funds? A fund of funds may provide investors with:
A、 access to due diligence expertise.
B 、lower fees because of economies of scale.
C 、access to managers who can negotiate better redemption terms.
View answer resolution
【Answer to question 1】C
【analysis】
C is correct. Alternative investments are typically expected to have a lower level of regulation and less transparency than traditional long-only investments.
B is incorrect because alternative investments are often characterized by narrow manager specialization, as compared with traditional long-only investments.
A is incorrect because alternative investments typically give the manager more flexibility to use derivatives and leverage, invest in illiquid assets, and take short positions, as compared with traditional investments.
【Answer to question 1】B
【analysis】
B is correct. The fees on funds of funds are usually higher. The fund of funds manager charges a fee, and there is a fee charged by each hedge fund.
A is incorrect because this is an advantage of investing through funds of funds.
C is incorrect because this is an advantage of investing through funds of funds.
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