CFA二级知识精讲-集训营直播-另类-习题.docx

(90.61。N) 6=嗽皿丁AlternativeDefinitionsofValuesj-重点：区分±地的M高和量住使用价值ThedirectcapitalizationmethodIncomeapproach0DCFmethodStabilizedNOIPrivateRealEstateInvestmentsPubliclyTradedrealestatesecuritiesValuationApproachesCostapproachSalescomparisonapproachPrivaterealestatedebtsJ-重点：最低贷款计苴AdvantagesanddisadvantagesNAVPSvaluationRelativeValue(pricemultiple)Approach重点：估值计复ComponentsofperformancefromLBOStructures,termsandgovernanceofPE1.easestructure重点：计算LBOfi出的回报重点：估值计宜PrivateEquityValuationFinancialperformanceofPEfunds重点：计算PE投费业矮和菱用VCvaluationsVC投费估值、持股份款和股你十复CommoditiesandCommodityDerivatives:AnIntroductionCommodityfuturesreturnsComponentsofcommoditiesfuturesreturns重点：大宗商品置货回报理论和计苴Case1ThefollowinginformationrelatestoQuestions16GoldenFinanceInc.isaboutiqueassetmanagementcompanywhoseclientscomefromvariouscountries.AmirJohnson,oneofthehigh-net-worthclientsofGoldenFinanceInc.hasbuiltalongrelationshipwithGoldenFinanceIncformanyyears.Inheritinghisparents,hugefortune,Johnsonissittingonidlecash.Totakefulladvantageoftheidlecash,heandhisfinancialadvisoryteamplantodiscusspotentialinvestmentopportunities.Beforethemeeting,Johnsonexpresseshisinterestinalternativeinvestments.TheleaderofJohnson,sadvisoryteam,AndrewHarrisontellsJohnsonthattherearefourtypesofalternativeinvestmentsavailable,includingprivaterealestateinvestments,publiclytradedrealestateinvestments,privateequityandcommodities.Johnsonwantstodiscusseachofthemonebyone.Firstly,HarrisonasksforJohnson,swillingnesstoinvestintheprivaterealestate.Screeningseveraldeals,Harrisonfinallychoosesanofficebuildingpropertywitha$3,215,000expectednetoperatingincome.Johnsonisgladtopurchasetheproperty.Then,HarrisonintroducespubliclytradedrealestateinvestmentstoJohnson,suchasrealestateinvestmenttrusts(REITs)andrealestateoperatingcompanies(REOCs).JohnsonwondersthedistinctionsbetweenREITsandREOCs.Inresponse,AlexisAjinca,ajunioralternativeanalystmakesthefollowingthreestatements,including:Statement1:BothofREITsandREOCscanavoidthedoubletaxationofincome.Statement2:REITshasmorepredictableearningsthanREOCs.Statement3:ForREOCs,therearestrictrestrictionsontheapplicationoffinancialleverageintheiractivities.FiguringoutthedifferencesbetweenREITsandREOCs,JohnsonpreferstoaddREITsintohisportfolio.HarrisonrecommendsanofficeequityREITtoJohnson,andtherelevantfinancialinformationisdemonstratedinExhibit1.Exhibit1SelectedfinancialdatafortheOfficeEquityREITNetoperatingincome(NOl)$325,000.CaprateB8%,Cashaudequivalents$175,000Accountsreceivablep$55,000.Otherassets。$25,000.Totaldebtp$1,500,000“OtherliabilitiesQ$1,000,000“Sharesoutstanding"$75,000“OncompletionofvaluingtheofficeequityREIT,theyturntheireyestoprivateequityinvestments.Althoughbuyoutsandventurecapitalfundsarebothmajortypesofprivateequityinvestments,theyhavetheirowncharacteristics.Basedonthefactsheknowsabout,Johnsonliststhefollowingthreefeatures,including:Feature1:Steadyandpredictablecashflows.Feature2:Measurablerisk.Feature3:Weakassetbase.Havingarelativelowcorrelationwithfinancialassets,commoditiesareunmissableforJohnson.Comparedwithholdingphysicalcommodities,HarrisonadvisesJohnsontoinvestincommoditymarketsthroughcommodityfutures.HarrisoncollectsthefollowingdataillustratedinExhibit2fromthecommoditymarket.Exhibit2SpotandfuturespricesPZincLeadpNickleSpotprices(perton)p$34,290-$2,655,$16,905“September$34,300$2,655+$16,873“October$34,339-$2,655+$16,862“Novembers$34,401，$2,655+$16,795-Decemberp$34,529-$2,655.$16,753-881761寸$UooLrlf<8IoMPQZ寸Q6I9ogSY-O=SBSOIUEODyjoLPJoOnIBAIBSIEHddBOqiBEIqwo港SNBIBA=EmoiilodSEaID.SOlpoluodxoEOuIoU.三MUPRIOdOIoUOlPPUB%gOISIOWIlmoUSIPOqJJI二EUe日MSJIIUOuIOIEjSgAljl0日PSDoHXPUEHUOOAUOqSsuaIOJJIPOLPMUIPlBgOlSUIPUBjs9PUnSBUUHVmZ3.BasedupontheExhibit1,thenetassetvaluepershare(NAVPS)isclosestto:A.$24.23B,S27.84C$3Q2510co.mIBInUEBHvUJJnoArLqBOJSmUOIOqA句IBOIUoSUqofAqPols=S9HTUBOJooOqlJoUUIqMT5.AccordingtothedatainExhibit2,whichofthefollowingcommodities5marketsismostlikelyinbackwardation?A.LeadB.NickleC.Zinc6.WhichofthefollowingtheoriesregardingfuturesreturnsisleastlikelyusedtoexplaintheZinc,sfuturesmarket?A.InsurancetheoryB.HedgingpressurehypothesisC.TheoryofstorageCase2ThefollowinginformationrelatestoQuestions?12EricSilvermanisaseniorportfoliomanagerfortheendowmentofSawyerUniversitybasedinCalifornia.Sawyer'sinvestmentpolicycurrentlyonlyallowsallocationstodomesticequityandcorporatebonds.TheinvestmentcommitteehastaskedSilvermanwithassessingtheendowme