Магистратура
2019/2020
Альтернативные инвестиции
Статус:
Курс по выбору (Финансовый аналитик)
Направление:
38.04.08. Финансы и кредит
Кто читает:
Банковский институт
Где читается:
Банковский институт
Когда читается:
2-й курс, 2 модуль
Формат изучения:
без онлайн-курса
Прогр. обучения:
Финансовый аналитик
Язык:
английский
Кредиты:
3
Контактные часы:
30
Course Syllabus
Abstract
Asset management industry is undergoing a major transition: institutional and individual investors have suffered from massive capital loss in classic investment products like long-only mutual funds and pension funds during financial markets turmoil in 2008-09 and now they are allocating more assets into alternative investment (AI) strategies managed under absolute return objective and less correlated with the direction of major asset classes. Hedge funds industry as well as private equity, venture capital, credit derivatives, commodities trading and real estate are booming. This Alternative Investments (AI) course makes a quick hands-on introduction into alternative investments products and strategies, risk-return comparative analysis with classic investment funds and the role of AI in the diversified investment portfolio. AI course is focused on major hedge funds strategies and their risk/return profiles along with risk management techniques. Program of the course has a strong bias towards real life applications of econometric models (via Microsoft Excel Data Analysis Toolpack) where students train financial advisor's day-to-day skills. The course structure and content are derived from well-known Chartered Alternative Investment Analyst (CAIA) and Chartered Financial Analyst (CFA) programs.
Learning Objectives
- The major objective of the course is to make a quick but practical overview of the investment management industry and its trends with a particular emphasis on hedge funds, their typical investment strategies, past performance features and risk management issues.
Expected Learning Outcomes
- Upon successful accomplishment of the course students: • can review and run deep qualitative and quantitative analysis of alternative investment strategy or product, build an investment portfolio of alternative products (hedge funds); • will apply tactical and strategic asset allocation within diversified investment portfolio, assess and adjust Beta and Alpha of the alternative investment strategy; • can carry out Due Diligence process of a hedge fund/CTA;
Course Contents
- Chapter 1. Asset allocation in diversified investment portfolio.
- Chapter 2. Fundamentals of active investment management.
- Chapter 3. Introduction into hedge funds.
- Chapter 4. Risk management with hedge funds.
Interim Assessment
- Interim assessment (2 module)0.2 * class discussions + 0.6 * exam + 0.2 * home assignments
Bibliography
Recommended Core Bibliography
- Filbeck, G., & Baker, H. K. (2013). Alternative Investments : Instruments, Performance, Benchmarks, and Strategies. Hoboken: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=561429
- Kazemi, H., Black, K. H., CAIA Association, & Chambers, D. R. (2016). Alternative Investments : CAIA Level II (Vol. Third edition). Hoboken, New Jersey: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1358585
Recommended Additional Bibliography
- Sperlich, M. M. (2010). Alternative Investments: Existing and Expected Legal Framework for the Operations of Hedge Funds in European and German Law. Hamburg: Diplomica Verlag. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=793367