"Alternative Investments":Advantages of investing in hedge funds
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Questions 1:
Compared with long-only investments in stocks and bonds, alternative investments are most likely characterized by less:
A 、flexibility to use derivatives.
B 、manager specialization.
C 、transparency.
Questions 2:
Which of the following least likely describes an advantage of investing in hedge funds through a fund of funds? A fund of funds may provide investors with:
A、 access to due diligence expertise.
B 、lower fees because of economies of scale.
C 、access to managers who can negotiate better redemption terms.
C is correct. Alternative investments are typically expected to have a lower level of regulation and less transparency than traditional long-only investments.
B is incorrect because alternative investments are often characterized by narrow manager specialization, as compared with traditional long-only investments.
A is incorrect because alternative investments typically give the manager more flexibility to use derivatives and leverage, invest in illiquid assets, and take short positions, as compared with traditional investments.
B is correct. The fees on funds of funds are usually higher. The fund of funds manager charges a fee, and there is a fee charged by each hedge fund.
A is incorrect because this is an advantage of investing through funds of funds.
C is incorrect because this is an advantage of investing through funds of funds.
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