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Tài liệu hướng dẫn ôn thi CFA Level 1 phần Alternative Investments | The following is a review of the Alternative Investments principles designed to address the learning outcome statements set forth by CFA Institute . This topic is also covered in Alternative Investments Study Session 18 Exam Focus Alternative investments collectively refers to the many asset classes that fall outside of the traditional definitions of stocks and bonds. This category includes mutual funds exchange-traded funds real estate venture capital hedge funds closely held companies distressed securities and commodities. Each of these alternative investments has unique characteristics that require a different approach by the analyst. You should be aware of the different risk-return profiles tax issues legal issues and other advantages and disadvantages associated with each of the alternative investments discussed in this topic review. LOS 73.a Differentiate between an open-end and a closed-end fund and explain how net asset value of a fund is calculated and the nature of fees charged by investment companies. Managed investment companies mutual funds are formed to collectively manage assets for a group of investors. Investment companies can be classified into one of two categories depending upon the liquidity they provide or do not provide to their investors. An open-end investment company or open-end fund stands ready to redeem shares at the closing value on any trading day. Shares of a closed-end company or closed-end fund are traded after issuance in the secondary markets through organized exchanges e.g. NYSE . Thus the liquidity of an open-end fund is provided by the investment company that manages it whereas the liquidity of a closed-end fund is determined in the open market. The managers of an open-end fund may charge a fee or load to the investors upon purchase a front-end load or at redemption a back-end load . A fund that charges no fee at purchase or redemption is called a no-load fund. All funds regardless of whether they are load or no-load funds .
