"Alternative Investments":Quantitative orientation
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Questions 1:
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.
Questions 2:
A private equity firm sells a portfolio company to a buyer that is active in the same industry as the portfolio company. This transaction is best described as a(n):
A、 trade sale.
B、 secondary sale.
C 、initial public offering.
C is correct. Quantitative directional is an equity strategy that uses technical analysis to identify over- and underpriced securities, buy the underpriced ones, and short the overpriced ones.
A is incorrect because volatility is a relative value strategy that uses options to profit based on expectations that market volatility will rise or fall.
B is incorrect because distressed/restructuring is an event-driven strategy that focuses primarily on fixed-income securities, although it may buy preferred stock and short common stock of a company.
A is correct. A trade sale is the sale of a portfolio company to a strategic buyer, such as a company that is active in the same industry.
B is incorrect. A secondary sale is a sale to another private equity firm.
C is incorrect. An initial public offering involves the sale of shares to public investors.
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