The complete guide to alternative investments, from experts working with CFA Institute “Alternative Investments” is the definitive guide to understanding non-traditional asset classes. Alternatives are a disparate group of investments that are distinguished from long-only, publicly traded investments in stocks, bonds, and cash (often referred to as traditional investments). “Alternative investments” include real estate, commodities, infrastructure, and other non-traditional investments such as private equity or debt and hedge funds. They are attractive to investors because of the potential for portfolio diversification resulting in a higher risk-adjusted return for the portfolio. “Alternative Investments” and its accompanying workbook (sold separately) lead students and investment professionals through the many characteristics of non-traditional assets, including: • Narrow specialization of the investment managers • Relatively low correlation of returns with those of traditional investments • Less regulation and less transparency than traditional investments • Limited historical risk and return data • Unique legal and tax considerations • Higher fees, often including performance or incentive fees • Concentrated portfolios • Restrictions on redemptions (i.e., "lockups" and "gates") CFA Institute is the world's premier association for investment professionals, and the governing body for the CFA® Program, CIPM® Program, CFA Institute ESG Investing Certificate, and Investment Foundations® Program. Those seeking a deeper understanding of the markets, mechanisms, and use of alternatives will value the level of expertise CFA Institute brings to the discussion, providing a clear, comprehensive resource for students and professionals alike. Whether used alone or in conjunction with the companion workbook, Alternative Investments offers a complete course in alternative investments and their role in investment management.
