"At least" CFA Level 1 qualification required.
We need CFA Level 1 questions:
- Fixed Income (100 questions)
- Derivatives (50 questions)
- Alt (50 questions)
The format must be as follows:
Which of the following statements is an advantage of investing in hedge funds through a fund of funds? Funds of funds provide:
A. An increase in diversification, resulting in risk reduction.
B. An increase in diversification, resulting in return enhancement.
C. Lower management fees.
The correct answer is A.
Diversification results in risk reduction not return enhancement. The fees charged by the fund of funds manager will likely reduce returns relative to direct a hedge fund investment.
CFA Level 1, Volume 6, Study Session 18, Reading 60 – Introduction to Alternative Investments, LOS 60d:Describe hedge funds, private equity, real estate, commodities, infrastructure, and other alternative investments, including, as applicable, strategies, subcategories, potential benefits and risks, fee structures, and due diligence.
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