CFA考试一级章节练习题精选0329-15(附详解)

1、CFA考试一级章节练习题精选 0329-15 （附详解）1、When investing in commodities through a collateralized commodity futures position, the return associated with rolling forward the maturity of a futures contract is referred to as the: 【单选题】A. collateral yield.B. spot price return.C. convenience yield.正确答案 :C” -LRieosnca

2、hldinGg . Layard答案解析 : “ Investing in Commodities, 2010 Modular Level I, Vol. 6, pp. 268 -269Study Session 18-74-bDescribe the sources of return and risk for a commodity investment and the effect on a portfolio of adding an allocation to commodities.C is correct because the roll or convenience yield

3、 is the return from rolling forward the maturity of the derivatives position. The roll yield can be either negative or positive.2、An analyst does research about hedge fund.Which of the following descriptionsof a hedge fund's typical legal structure and investment objective, respectively,are most

4、 accurate? 【单选题】5A.B.C.B.Investment objective? Relative performance Absolute performance Absolute performanceLegal stmcture?Limited partnershipLimited partnershipRegistered investment companyA,B,C,Investment objective? Relative performance Absolute performance Absolute performanceLegal stmcture?Limi

5、ted partnershipLimited partnershipRegistered investment companyC.Legal stmcture?Inveslment objective?Limited partnershipRelative performanceLimited partnershipAbsolute performanceC,Registered investment comp anyAbsolute performance正确答案:B 答案解析:对冲基金主要采用有限合伙制，并且追求绝对收益，同时有基于业绩的激励费。【单选题】3、Which attribute

6、 would a p rivate equity firm most likely desire when deciding if a comp any isp articularly attractive as a leveraged buyout target?A. Efficient managementB. Market value exceeds intrinsic valueC. Sustainable cash flow正确答案:C 答案解析：Private equity firms look for companies that have strong cash flows a

7、nd a significant amount ofphysical assets. These physical assets can be used as security and borrowed against.CFA Level I "Introduction to Alternative Investments," Terri Duhon, George Sp entzos, and Scott D. StewartSection 4.2.1.24、 High-water marks are typically used when calculating the

8、 incentive fee on hedge funds. They are most likely used by clients to:单选题】A.avoid prime brokerage fees.B.claw back the management fees.C.prevent paying twice for the same performance.正确答案 :C答案解析 : “ Introduction to Alternative Investments” , Terri Duhon, George Spentzos, CFA, and Scott D. Stewart,

9、CFA2013 Modular Level I, Vol. 6, Reading 66, Section 3.3.1Study Session 18-66-fDescribe, calculate, and interpret management and incentive fees and net -of-fees returns for hedge funds.C is correct because high -water marks prevent clients from paying twice for the same performance. When a hedge fun

10、d's value drops, the managreceive an incentive fee until the value of the fund returns back to its previous level.5、 An analyst does research about the Z -spread and nominal spread.Assume theTreasury spot -rate yield curve is upward slopping, compared to the nominalyieldspread between a Treasury bond and an option -free corporate bond of similar maturity,Z -spread will be: 【单选题】A.less than the nominal spread.B.equal to the nomi