Alternative Investments: An Allocator's Approach - Hardcover

Über die Autorin bzw. den Autor

DR. DONALD R. CHAMBERS, PhD, CAIA, is Associate Director of Programs at the CAIA Association; Chief Investment Officer of Biltmore Capital Advisors and Emeritus Professor at Lafayette College in Easton, Pennsylvania. Dr. Chambers previously served as Director of Alternative Investments at Karpus Investment Management. He is a member of the editorial board of The Journal of Alternative Investments.

DR. HOSSEIN KAZEMI, PhD, is a senior adviser to the CAIA Association. He is the Michael and Cheryl Philipp Professor of Finance at the University of Massachusetts, Amherst; Director of the Center for International Securities and Derivatives Markets; a cofounder of the CAIA Association; and Editor-in-Chief of The Journal of Alternative Investments—the official publication of the CAIA Association and a member of the editorial board of The Journal of Financial Data Science.

DR. KEITH H. BLACK, PhD, CAIA, FDP, is the Managing Director of Content Strategy at the CAIA Association. He was previously an associate at Ennis Knupp and, before that, an assistant professor at Illinois Institute of Technology. He is a member of the editorial board of The Journal of Alternative Investments.

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Alternative Investments
An Allocator’s Approach

Whether you are a seasoned professional looking to explore new areas within the alternative investment arena or a new industry participant seeking to establish a solid understanding of alternative investments, Alternative Investments: An Allocator’s Approach, Fourth Edition is the best way to achieve these goals.

In recent years, capital formation has shifted dramatically away from public markets as issuers pursue better financial and value alignment with ownership, less onerous and expensive regulatory requirements, market and information dislocation, and liberation from the short-term challenges that undergird the public capital markets. The careful and informed use of alternative investments in a diversified portfolio can reduce risk, lower volatility, and improve returns over the long-term, enhancing investors’ ability to meet their investment outcomes. Alternative Investments: An Allocator’s Approach is a key resource that can be used to improve the sophistication of asset owners and those who work with them.

“Over the course of my long career one tenet has held true, ‘Continuing Education’. Since CalSTRS is a teachers’ pension plan, it is no surprise that continuing education is a core attribute of our Investment Office culture. Overseeing one of the largest institutional pools of capital in the world requires a cohesive knowledge and understanding of both public and private market investments and strategies. We must understand how these opportunities might contribute to delivering on investment outcomes for our beneficiaries. Alternative Investments: An Allocator’s Approach is the definitive core instruction manual for an institutional investor, and it puts you in the captain’s chair of the asset owner.”
―Christopher, J. Ailman, Chief Investment Officer, California State Teachers’ Retirement System

“Given their diversified cash flow streams and returns, private markets continue to be a growing fixture of patient, long-term portfolios. As such, the need to have proficiency across these sophisticated strategies, asset classes, and instruments is critical for today’s capital allocator. As a proud CAIA charterholder, I have seen the practical benefits in building a strong private markets foundation, allowing me to better assist my clients.”
―Jayne Bok, CAIA, CFA, Head of Investments, Asia, Willis Tower Watson

Aus dem Klappentext

Success in the rapidly evolving area of alternative investments depends on a deep understanding of the concepts, tools, and practices associated with it, as well as an unwavering dedication to professionalism.

Written under the direction of the CAIA Association, with insights from many practicing and eminent professionals in this field, Alternative Investments: An Allocator's Approach, Fourth Edition takes a top-down view of the role of an asset allocator, focusing on manager selection, risk management, and asset allocation combining both traditional and alternative investments. This is the companion volume to Alternative Investments: An Analyst's Approach, Fourth Edition, which takes a bottom-up view of alternative investments, explaining hedge funds and managed futures; commodities, real estate and real assets; structured products and credit derivatives; as well as private equity, venture capital, and private debt.

This comprehensive resource:

• Discusses advanced topics in alternative investments―from models and methods to liquidity risk and operational due diligence
• Addresses asset allocation and risk management techniques suitable for the construction and management of multi-asset portfolios
• Discusses the role of asset allocators at sovereign wealth funds, pension funds, family offices, endowments, and foundations

If you are serious about understanding alternative investments, take the time to consider the insights offered here.

The Chartered Alternative Investment Analyst (CAIA) Association® is a global professional body dedicated to creating greater alignment, transparency, and knowledge for all investors, with a specific emphasis on alternative investments. A Member-driven organization representing professionals in more than 95 countries, CAIA Association advocates for the highest ethical standards. The organization provides unbiased insight on a broad range of investment strategies and industry issues, key among them being efforts to bring greater diversification to portfolio construction decisions to achieve better long-term investor outcomes. To learn more about the CAIA Association and how to become part of the organization's mission, please visit https://caia.org/.

The CAIA Charter is the only educational standard uniquely designed for individuals specializing in institutional-quality alternative investments. Covering hedge funds, managed futures, real assets, private equity, commodities, structured products, risk management and portfolio management, and professional standards and ethics, the CAIA Charter demonstrates one's commitment to professionalism and command of alternative investments' unique fundamentals, setting you and your firm apart from the competition.

The CAIA program is comprised of a two-tier exam process (Level I and Level II) through which you may earn the CAIA Charter. The Level I exam assesses your understanding of various alternative classes and your knowledge of the tools and techniques used to evaluate the risk-return attributes of each one. The Level II exam assesses how you would apply the knowledge and analytics learned in Level I within a portfolio management context. Both levels incorporate segments on ethics and professional conduct, which are essential components of the CAIA program. Information regarding the CAIA exams can be found at https://caia.org/programs/the-caia-charter.