Hedge Fund是什么嗎？備考CFA一級(jí)的考生想必有一定的了解，如果想要不錯(cuò)失任何的學(xué)習(xí)機(jī)會(huì)，融躍的老師給你講一講Hedge Fund是什么？每天學(xué)習(xí)一點(diǎn)CFA一級(jí)小知識(shí)！

那Hedge Fund是什么呢？翻譯過(guò)來(lái)是對(duì)沖基金，在CFA一級(jí)考試中也是考點(diǎn)之一！

一、Characteristics 特點(diǎn)

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(jiǎn)稱(chēng)GP,LP。投資者做為L(zhǎng)P，對(duì)沖基金公司作為GP.

接下來(lái)融躍老師出幾道題看看對(duì)CFA一級(jí)考試的知識(shí)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(duì)了幾道CFA一級(jí)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(duì)沖基金策略中宏觀(guān)經(jīng)濟(jì)策略。

【例2】答案: A

解析:投資者投資于股票對(duì)空策略的對(duì)沖基金，*可能擔(dān)心的是缺乏持倉(cāng)信息，因?yàn)閷?duì)沖基金通常不會(huì)公開(kāi)持倉(cāng)情況，A對(duì)。對(duì)空策略投資于流動(dòng)性好，公開(kāi)交易的股票，因 此有市場(chǎng)價(jià)格且流動(dòng)性好，B和C錯(cuò)。

【例3】答案: C解析:考查對(duì)沖基金策略的掌握，quantitative directional是通過(guò)技術(shù)分析的方法識(shí)別被高估和被低估的股票，做多和做空股票，因此C符合。