Alternative Investments
　　Investors are increasingly turning to alternative investments seeking diversification benefits and higher returns. This study session describes the common types of alter?native investments, their valuation, their unique risks and opportunities, and their relation to traditional investments.
　　Although defining “alternative investments” is difficult, certain features (e.g., limited liquidity and specialized legal structures) are typically associated with alter?native investments. This study session describes features of alternative investments and their effects on investment decisions. The study session provides an overview of major categories of alternative investments, including hedge funds, private equity, real estate, and commodities.
　　READING ASSIGNMENTS
　　Reading 63 Introduction to Alternative Investments by Terri Duhon, George Spentzos, CFA, and Scott D. Stewart, CFA
　　LEARNING OUTCOMES
　　READING 63. INTRODUCTION TO ALTERNATIVE INVESTMENTS
　　The candidate should be able to:
　　a compare alternative investments with traditional investments;
　　b describe categories of alternative investments;
　　c describe potential benefits of alternative investments in the context of portfolio management;
　　d describe hedge funds, private equity, real estate, commodities, and other alter?native investments, including, as applicable, strategies, sub-categories, potential benefits and risks, fee structures, and due diligence;
　　e describe issues in valuing, and calculating returns on, hedge funds, private equity, real estate, and commodities;
　　f describe, calculate, and interpret management and incentive fees and net-of-fees returns to hedge funds;
　　g describe risk management of alternative investments.
　　　
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