Kostenlos und ohne Konto. Zu jeder Frage gibt es den vollständigen Lösungsweg, einschließlich der Begründung, warum jede falsche Option falsch ist. Die Fragen sind eigene Aufgaben von Preparaio auf Englisch, keine offiziellen Fragen des CFA Institute.
1. Two newly launched 10-year buyout funds are identical except for how they charge management fees during the investment period: Kalderon Fund I charges 2% a year on committed capital, while Sabinar Fund I charges 2% a year on invested capital. In the first two years, when only a small part of each fund's commitments has been called and no investments have been sold, Kalderon Fund I will most likely show:
A. a deeper negative net return, because its fees are large relative to the capital invested so far B. a smaller negative net return, because a fee on committed capital is fixed and fully predictable C. the same net return, because management fees affect returns only once investments are sold
Lösung und Erklärung Richtige Antwort: A a deeper negative net return, because its fees are large relative to the capital invested so far
In the first years of a fund's life, little capital has been invested and holdings are carried near cost, so there are few gains to offset fees. Kalderon's fee is charged on the full commitment, so it is large compared with the small amount invested and pushes its early net return further below zero. Sabinar's fee grows only as capital is deployed, so its early dip is shallower. Both funds still follow a J-curve; the fee basis changes how deep it is.
Warum die anderen Optionen falsch sind
B: A predictable fee is not a smaller fee. Charging the fee on the full commitment makes the early fee burden larger, not smaller, relative to the capital actually at work. C: Management fees are paid every year from the start, so they reduce net returns immediately. They are a main cause of early negative returns rather than something that waits for exits. Kernregel: Early J-curve losses come mainly from fees and costs charged before investments have had time to gain value, so a fee charged on committed rather than invested capital deepens the early dip.
Merksatz: The J-curve dip is driven by fees and costs incurred before value is created; fees on committed capital make it deeper.
2. Yoav Ben-Ezri manages a venture capital fund that invests in early-stage companies developing new medical devices. Which of the following is least likely a characteristic of his fund's investments?
A. A few highly successful companies generate most of the fund's total gains B. Companies are financed mainly with debt repaid from operating cash flow C. Capital is provided in rounds tied to reaching specific business milestones
Lösung und Erklärung Richtige Antwort: B Companies are financed mainly with debt repaid from operating cash flow
Early-stage device developers usually have little or no revenue and negative cash flow, so they cannot service much debt, and lenders would be unwilling to lend heavily to them. Venture capital is therefore supplied mainly as equity. Financing a company largely with debt that is repaid from its own cash flow is how leveraged buyouts of mature, cash-generating firms create value.
Warum die anderen Optionen falsch sind
A: Venture returns are highly skewed: many companies fail or return little, and a small number of large successes typically produce most of a fund's gains. C: Venture investors usually fund companies in stages and release more capital when milestones such as a working prototype or regulatory approval are reached, which limits the amount at risk early on. Kernregel: Venture capital funds young, often cash-burning companies with equity provided in stages, whereas heavy debt repaid from operating cash flow is the hallmark of a leveraged buyout of a mature company.
Merksatz: Venture capital means staged equity in young firms with widely dispersed outcomes; buyouts mean debt-financed purchases of mature, cash-generating firms.
3. Ishani Varma is valuing Quellbrook Terraces, a 96-unit apartment community for residents aged 55 and over, with the direct capitalization method. For the coming year she projects gross potential rent of $3,180,000, vacancy and collection loss of 4.5% of gross potential rent, and operating expenses of $1,265,000. The market capitalization rate for similar properties is 5.75%. The value of the property is closest to:
A. $30,815,652 B. $31,805,652 C. $52,815,652
Lösung und Erklärung Richtige Antwort: A $30,815,652
Vacancy and collection loss is 4.5% of $3,180,000, or $143,100, so effective gross income is $3,036,900. Subtracting operating expenses of $1,265,000 gives NOI of $1,771,900. Dividing by the 5.75% cap rate gives a value of about $30,815,652.
Rechenweg
Vacancy and collection loss = 4.5% × $3,180,000 = $143,100 Effective gross income = $3,180,000 − $143,100 = $3,036,900 NOI = $3,036,900 − $1,265,000 = $1,771,900 Value = $1,771,900 / 0.0575 = $30,815,652 BA-II-Plus-Tastenfolge
3180000 × ( 1 − 0.045 ) = − 1265000 = ÷ 0.0575 = [30,815,652.17]
Warum die anderen Optionen falsch sind
B: Applies the vacancy rate to rent after operating expenses (($3,180,000 − $1,265,000) × 0.955); vacancy and collection loss is a percentage of gross potential rent. C: Capitalizes effective gross income of $3,036,900 without deducting operating expenses, which greatly overstates NOI and value. Intermediate displayed workings may be rounded; retain full precision until the final answer.
Kernregel: Under direct capitalization, value = NOI / cap rate, where NOI = gross potential rent − vacancy and collection loss − operating expenses.
Merksatz: NOI is rent after vacancy and operating expenses; capitalizing anything larger overstates value.
4. In the market for zinc futures, each longer-dated contract trades at a higher price than the one before it, and all contracts trade above the spot price. How is this futures curve described, and what roll return does an investor earn by rolling a long position from the expiring contract into the next one?
A. Backwardation, with a positive roll return B. Contango, with a negative roll return C. Contango, with a positive roll return
Lösung und Erklärung Richtige Antwort: B Contango, with a negative roll return
An upward-sloping curve with futures above spot is contango. On each roll, the investor sells the expiring contract and buys the next one at a higher price, so the position must pay up to stay invested. Measured as (expiring price − new price) / expiring price, the roll return is negative.
Warum die anderen Optionen falsch sind
A: Backwardation describes a downward-sloping curve with futures below spot, which would give a long investor a positive roll return, but it does not match these prices. C: The curve is correctly identified as contango, but rolling into a higher-priced contract produces a loss, not a gain, for a long position. Kernregel: When futures prices rise with maturity (contango), a long investor rolls into a more expensive contract and earns a negative roll return; backwardation gives a positive roll return.
Merksatz: Contango: curve slopes up and the long roll return is negative. Backwardation: curve slopes down and the long roll return is positive.
5. Emeric Lavoie is valuing Port Tanner Cold Store, a refrigerated warehouse leased to three food distributors, with the direct capitalization method. His projections for the coming year are shown in the exhibit, and recent sales of comparable cold-storage properties imply a capitalization rate of 6.75%. The value of the property is closest to:
Port Tanner Cold Store: projections for the coming year Item Amount Gross potential rent $2,460,000 Vacancy and collection loss 6% of gross potential rent Operating expenses $715,000
A. $23,665,185 B. $24,300,741 C. $25,851,852
Lösung und Erklärung Richtige Antwort: A $23,665,185
Vacancy and collection loss is 6% of gross potential rent, or $147,600, leaving effective gross income of $2,312,400. Deducting operating expenses of $715,000 gives NOI of $1,597,400. Dividing by the 6.75% cap rate gives a value of about $23,665,185.
Rechenweg
Vacancy and collection loss = 6% × $2,460,000 = $147,600 Effective gross income = $2,460,000 − $147,600 = $2,312,400 NOI = $2,312,400 − $715,000 = $1,597,400 Value = $1,597,400 / 0.0675 = $23,665,185 BA-II-Plus-Tastenfolge
2460000 × ( 1 − 0.06 ) = − 715000 = ÷ 0.0675 = [23,665,185.19]
Warum die anderen Optionen falsch sind
B: Applies the 6% vacancy rate to rent after operating expenses ($1,745,000 × 0.94), but vacancy and collection loss reduces gross potential rent, not NOI. C: Ignores vacancy and collection loss and capitalizes $1,745,000, which overstates NOI and therefore the value. Intermediate displayed workings may be rounded; retain full precision until the final answer.
Kernregel: Under direct capitalization, value = NOI / cap rate, where NOI = gross potential rent − vacancy and collection loss − operating expenses.
Merksatz: Deduct vacancy from gross potential rent first, then operating expenses, and divide the resulting NOI by the cap rate.
6. The investment committee of the Aldana Family Office wants exposure to the price of a large cryptocurrency without holding the coins itself, and its members compare three indirect routes. Which of the following statements is least likely accurate?
A. An exchange-traded product holding the coin removes both the custody burden and the coin's price risk. B. Futures on the coin avoid managing private keys but require posting margin and rolling expiring contracts. C. Shares of a coin-mining company add exposure to the miner's costs, debt and management decisions.
Lösung und Erklärung Richtige Antwort: A An exchange-traded product holding the coin removes both the custody burden and the coin's price risk.
An exchange-traded product that holds the coin is designed to track its price, so its shares rise and fall with the coin; only the custody task moves to the product's custodian. The statement is therefore inaccurate, because indirect exposure does not remove the coin's volatility.
Warum die anderen Optionen falsch sind
B: This is accurate: futures give price exposure without holding coins, but the investor must post and maintain margin and roll expiring contracts, which can make returns differ from the spot price. C: This is accurate: a miner's share price reflects the coin's price but also the company's operating costs, leverage and management, so it is only a partial proxy for the coin. Kernregel: Indirect vehicles shift custody and key management away from the investor, but they still carry the underlying asset's price volatility and add risks of their own.
Merksatz: Going indirect changes who holds the keys, not how volatile the underlying asset is.
7. An adviser is matching three investors with ways to access private equity. The Liesel Brandt Foundation has $8 million to allocate, no private equity staff and wants exposure spread across several managers. The sovereign wealth fund of the Republic of Taranesia has $900 million and wants a portfolio built around its own sector exclusions, with full transparency of every holding. The Calder Bay Nurses' Pension Plan is committing $50 million to a single commingled buyout fund and wants a reduced management fee and extra reporting that other limited partners will not receive. Which arrangement best suits the foundation, the sovereign wealth fund and the pension plan, respectively?
A. Separately managed account; fund of funds; side letter B. Fund of funds; side letter; separately managed account C. Fund of funds; separately managed account; side letter
Lösung und Erklärung Richtige Antwort: C Fund of funds; separately managed account; side letter
The foundation's small allocation and lack of staff point to a fund of funds, which provides diversification across managers and outsourced manager selection at the cost of a second layer of fees. The sovereign fund is large enough to justify a separately managed account, which can be tailored to its exclusions and gives full position transparency. The pension plan is investing in an existing commingled fund, so its special fee and reporting terms would be set out in a side letter to the limited partnership agreement.
Warum die anderen Optionen falsch sind
A: This swaps the foundation and the sovereign fund: an $8 million investor is too small for a customized account, and a fund of funds would not deliver the sovereign fund's tailored exclusions and full transparency. B: A side letter only modifies an investor's terms within a fund it joins, so it cannot build a custom portfolio for the sovereign fund; special terms inside a commingled fund, as the pension plan wants, are exactly what a side letter provides. Kernregel: Funds of funds give small investors diversified access, separately managed accounts give large investors customization and transparency, and side letters grant individual limited partners special terms within a commingled fund.
Merksatz: Small and unstaffed suits a fund of funds; large and wanting control suits a separately managed account; special terms inside a commingled fund need a side letter.
8. Signe Dahl's fund ranks stocks within each industry using valuation and earnings-quality scores. It buys the highest-ranked stocks and sells short the lowest-ranked ones in equal dollar amounts, keeping the portfolio's beta close to zero, and it profits when its long positions outperform its short positions. To which strategy family does the fund belong?
A. Relative value B. Opportunistic C. Equity hedge
Lösung und Erklärung Richtige Antwort: C Equity hedge
The fund takes long and short positions in individual stocks based on company-level analysis and neutralizes its market exposure, which is the equity market neutral approach. Market neutral is classified within equity hedge, together with fundamental long/short, short bias and quantitative directional strategies. Its return comes from the spread between its long and short stock picks.
Warum die anderen Optionen falsch sind
A: Although the fund profits from relative performance, the relative value family covers strategies such as fixed income, convertible bond and volatility arbitrage that exploit mispricing between related securities, not long/short stock selection. B: Opportunistic strategies such as global macro and managed futures take top-down directional positions across asset classes, whereas this fund picks individual stocks bottom-up and keeps its market exposure near zero. Kernregel: Long/short stock-selection strategies, including market-neutral ones with near-zero beta, belong to the equity hedge family, while relative value refers to pricing discrepancies between related securities such as bonds, convertibles or volatility instruments.
Merksatz: Equity market neutral is an equity hedge strategy, even though it targets a beta near zero.
9. Wojciech Sadowski runs Ardmoyle Special Credit Fund, a hedge fund that holds thinly traded corporate loans and small-company bonds. The fund's terms include a one-year lockup and a quarterly gate that limits total redemptions to 10% of net asset value. What is the main purpose of these terms?
A. To guarantee investors a minimum return while their capital is locked up B. To avoid fire sales of illiquid holdings when many investors redeem C. To ensure the manager earns incentive fees before investors can redeem
Lösung und Erklärung Richtige Antwort: B To avoid fire sales of illiquid holdings when many investors redeem
Thinly traded loans and bonds can be sold quickly only at large discounts. A lockup keeps new capital in the fund long enough for the manager to invest it, and a gate spreads heavy redemption requests over several periods. Together they reduce the risk that the manager must sell positions at poor prices, which would hurt both departing and remaining investors.
Warum die anderen Optionen falsch sind
A: Liquidity terms say nothing about returns. Hedge fund investors can still lose money during a lockup. C: Incentive fees depend on performance and any high-water mark, not on when investors may redeem. Lockups and gates are liquidity tools, not fee mechanisms. Kernregel: Lockups and gates align investor liquidity with the liquidity of the fund's assets, protecting the fund and its remaining investors from fire sales when redemption requests surge.
Merksatz: A lockup bars redemptions for a set period and a gate caps redemptions per period; both protect a fund that holds illiquid assets.
10. Consultant Haruki Tanabe prepares a slide for the trustees of a university endowment that compares a private timberland fund with a listed large-cap equity index fund. Relative to the index fund, which of the following is least likely a feature of the timberland fund?
A. Values based mainly on periodic appraisals or models B. Higher fees, including a share of profits C. Frequent liquidity at observable market prices
Lösung und Erklärung Richtige Antwort: C Frequent liquidity at observable market prices
A private timberland fund is a closed-end vehicle whose investors are usually committed for many years, and its forests are not traded on an exchange. Investors therefore cannot exit frequently at observable market prices. That feature belongs to the listed index fund, whose shares trade every day.
Warum die anderen Optionen falsch sind
A: Because forests rarely trade, the fund values its holdings with periodic appraisals or models, which is a typical feature of alternative investments. B: Private funds usually charge higher management fees than index funds and add an incentive fee or carried interest that gives the manager a share of profits, so this is a typical feature. Kernregel: Alternative investments are typically illiquid, appraisal-valued and more expensive than traditional investments, so frequent liquidity at observable market prices is a feature of listed funds rather than private alternatives.
Merksatz: Illiquidity, appraisal-based values and higher, more complex fees are hallmarks of alternative investments.
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