Hedge Fund是什么嗎？備考CFA一級的考生想必有一定的了解，如果想要不錯失任何的學(xué)習(xí)機會，融躍的老師給你講一講Hedge Fund是什么？每天學(xué)習(xí)一點CFA一級小知識！
那Hedge Fund是什么呢？翻譯過來是對沖基金，在CFA一級考試中也是考點之一！
一、Characteristics 特點
1.More flexibility更加靈活
·leverage 可使用杠桿
·take short position 可做空
·invest in derivatives 可投資于衍生品
2.Less regulation監(jiān)管較少
3.In pursuit of higher return追求高收益
二、Structure 結(jié)構(gòu)
通常采用的是普通合伙人和有限合伙人結(jié)構(gòu)General partnership and limited partnership， 簡稱GP,LP。投資者做為LP，對沖基金公司作為GP.
接下來融躍老師出幾道題看看對CFA一級考試的知識掌握的怎么樣？不知道能不能看懂考題呢？
【例1】A hedge fund that implements trades based on a top-down analysis of expected movements in economic variables most likely uses a(n):
A. macro strategy
B. event-driven strategy
C. relative value strategy
【例2】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
【例3】One hedge fund strategy that involves simultaneously holding short and long positions in common stock is most likely
A.volatility
B.distressed/restructuring
C.quantitative directional
不知道你做對了幾道CFA一級題呢？融躍老師現(xiàn)在將考試答案告訴你！
【例1】答案: A解析:關(guān)鍵詞top-down approach，可以判斷出是對沖基金策略中宏觀經(jīng)濟策略。
【例2】答案: A
解析:投資者投資于股票對空策略的對沖基金，*可能擔(dān)心的是缺乏持倉信息，因為對沖基金通常不會公開持倉情況，A對。對空策略投資于流動性好，公開交易的股票，因 此有市場價格且流動性好，B和C錯。
【例3】答案: C解析:考查對沖基金策略的掌握，quantitative directional是通過技術(shù)分析的方法識別被高估和被低估的股票，做多和做空股票，因此C符合。
