CFA二级知识精讲-集训营直播-另类-习题.docx

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1、(90.61。N) 6=嗽皿丁AlternativeDefinitionsofValuesj-重点：区分地的M高和量住使用价值ThedirectcapitalizationmethodIncomeapproach0DCFmethodStabilizedNOIPrivateRealEstateInvestmentsPubliclyTradedrealestatesecuritiesValuationApproachesCostapproachSalescomparisonapproachPrivaterealestatedebtsJ-重点：最低贷款计苴Advantagesanddisadvant

2、agesNAVPSvaluationRelativeValue(pricemultiple)Approach重点：估值计复ComponentsofperformancefromLBOStructures,termsandgovernanceofPE1.easestructure重点：计算LBOfi出的回报重点：估值计宜PrivateEquityValuationFinancialperformanceofPEfunds重点：计算PE投费业矮和菱用VCvaluationsVC投费估值、持股份款和股你十复CommoditiesandCommodityDerivatives:AnIntroducti

3、onCommodityfuturesreturnsComponentsofcommoditiesfuturesreturns重点：大宗商品置货回报理论和计苴Case1ThefollowinginformationrelatestoQuestions16GoldenFinanceInc.isaboutiqueassetmanagementcompanywhoseclientscomefromvariouscountries.AmirJohnson,oneofthehigh-net-worthclientsofGoldenFinanceInc.hasbuiltalongrelationshipwi

4、thGoldenFinanceIncformanyyears.Inheritinghisparents,hugefortune,Johnsonissittingonidlecash.Totakefulladvantageoftheidlecash,heandhisfinancialadvisoryteamplantodiscusspotentialinvestmentopportunities.Beforethemeeting,Johnsonexpresseshisinterestinalternativeinvestments.TheleaderofJohnson,sadvisoryteam

5、,AndrewHarrisontellsJohnsonthattherearefourtypesofalternativeinvestmentsavailable,includingprivaterealestateinvestments,publiclytradedrealestateinvestments,privateequityandcommodities.Johnsonwantstodiscusseachofthemonebyone.Firstly,HarrisonasksforJohnson,swillingnesstoinvestintheprivaterealestate.Sc

6、reeningseveraldeals,Harrisonfinallychoosesanofficebuildingpropertywitha$3,215,000expectednetoperatingincome.Johnsonisgladtopurchasetheproperty.Then,HarrisonintroducespubliclytradedrealestateinvestmentstoJohnson,suchasrealestateinvestmenttrusts(REITs)andrealestateoperatingcompanies(REOCs).Johnsonwond

7、ersthedistinctionsbetweenREITsandREOCs.Inresponse,AlexisAjinca,ajunioralternativeanalystmakesthefollowingthreestatements,including:Statement1:BothofREITsandREOCscanavoidthedoubletaxationofincome.Statement2:REITshasmorepredictableearningsthanREOCs.Statement3:ForREOCs,therearestrictrestrictionsontheap

8、plicationoffinancialleverageintheiractivities.FiguringoutthedifferencesbetweenREITsandREOCs,JohnsonpreferstoaddREITsintohisportfolio.HarrisonrecommendsanofficeequityREITtoJohnson,andtherelevantfinancialinformationisdemonstratedinExhibit1.Exhibit1SelectedfinancialdatafortheOfficeEquityREITNetoperatin

9、gincome(NOl)$325,000.CaprateB8%,Cashaudequivalents$175,000Accountsreceivablep$55,000.Otherassets。$25,000.Totaldebtp$1,500,000“OtherliabilitiesQ$1,000,000“Sharesoutstanding$75,000“OncompletionofvaluingtheofficeequityREIT,theyturntheireyestoprivateequityinvestments.Althoughbuyoutsandventurecapitalfund

10、sarebothmajortypesofprivateequityinvestments,theyhavetheirowncharacteristics.Basedonthefactsheknowsabout,Johnsonliststhefollowingthreefeatures,including:Feature1:Steadyandpredictablecashflows.Feature2:Measurablerisk.Feature3:Weakassetbase.Havingarelativelowcorrelationwithfinancialassets,commoditiesa

11、reunmissableforJohnson.Comparedwithholdingphysicalcommodities,HarrisonadvisesJohnsontoinvestincommoditymarketsthroughcommodityfutures.HarrisoncollectsthefollowingdataillustratedinExhibit2fromthecommoditymarket.Exhibit2SpotandfuturespricesPZincLeadpNickleSpotprices(perton)p$34,290-$2,655,$16,905“Sept

12、ember$34,300$2,655+$16,873“October$34,339-$2,655+$16,862“Novembers$34,401，$2,655+$16,795-Decemberp$34,529-$2,655.$16,753-881761寸$UooLrlfScooiipIIUIOUJUounSCLla.SOqHz.UEdsSnoqalEMPUBIBHaSnPUrnoqB3BnoDu,-lqCoNUSAaDBdsUBaBtnOqB821.103.5SICoNVZSodAlAiiodcudOnoIBOXIBIX日UIoDJUaIJJlPJOJPUBuI。PsSXOIUBjOqJOI

13、pxaoqEV:POjUoUXIcIOUIBneISI.8BI8E6I0dISD9H9ISCQ6寸S寸月寸ISV-0:SOSoPSIquB0zddEHDaOLPUoPOSEqAEodo-IdODyJoCLIJortcq二IlIqIqXPUBPoPodUopBUuoJU一。UoPoSBq.6OooOOgNISD0。Ooomdls000000寸IsV-OIOQSJPBPlAoHdUoPBUuoJU-XIPoPUBl七qxUoPoSBqAXIOdOHdOUyJOOipOrqBAP9JBUIPS。OIpWEoddBIsouOLPMUISn.01sPa00。寸g9ISV-OJ4-s(sopSlqBcud

14、dBUoSpIBduIoDSSBSOLPAEOdOXdusoJortoq:TPoP01dUopBuuOJ.三-IcpopueZEqItPuoPOSBqIIIPBOjddBJSoUU.LPBOJddBUOSHBdUIOUgWEOjddEHUaO二DOdSOLPlAV8auoESSl.三7CSBlPBO-IddEUopEnlBAscJoSupSHBuBJIBIPfisrtEOjOSUOdSO=OqUIzICase3ThefollowinginformationrelatestoQuestions1318JenniferMartin,CFA,istheownerofMartinInvestmentM

15、anagementInc.,aboutiquefirmthatspecializesinmanagingmoneyforhih-net-worthindividuals.Thefirmspecializesinrealestateandprivateequityinvestments.Martinhasthreeclientmeetingstoday.ThefirstmeetingiswithLarrySmith.Smithisinterestedinaportfolioofprivateequityrealestateasalong-terminvestment.Specifically,h

16、eisinterestedintherisk-returncharacteristicsofprivateequityrealestateportfoliosversusthoseofstockportfolios.MartinadvisesSmiththatprivateequityrealestateportfoliosaregenerallyriskierthanstockportfoliosandtheexpectedreturnsarelower.MartinIeamsthatSmith,slong-termgoalwhenheretiresistopurchaseamultifam

17、ilyproperty.Forexample,thereisonesuchpropertycurrentlylistedonthemarket.Heplansonlivinginoneunitandrentingouttherest.TherentalincomewouldprovideSmithwiththecashflowthatheneedsinhisretirement.HeasksMartintovaluethepropertybasedontheassumptionsthatthenetoperatingincomeis$125,000,thediscountrateis11%,a

18、ndthegrowthrateis6%.Martindecidestousethedirectcapitalizationmethodtovaluetheproperty.Martin,ssecondmeetingiswithAndreMetcalfe,anexecutiveatalargenationalbank.Metcalfeisinterestedininvestinginpubliclytradedrealestatesecurities.Inparticular,heisinterestedininvestinginsecuritiesthatgeneratecashflowpri

19、marilyfromthesaleofproperties.Martinmakesarecommendationafterdoingsomeresearch.MetcalfeasksMartinabouteconomicfactorsthataffectthevalueofrealestateinvestmenttrusts(REITs)thatinvestindifferenttypesofproperties.MartinmakesthefollowingstatementsregardingkeyeconomicdriversofthevalueofvariousREITsavailab

20、leinthemarket:Statement1:JobcreationislessofadriverofvalueforindustrialREITsthanforofficeandstorageREITs.Statement2:RetailsalesgrowthislessofadriverofvalueforofficeREITsthanforindustrialandstorageREITs.Statement3:PopulationgrowthislessofadriverofvalueforstorageREITsthanforindustrialandofficeREITs.Ma

21、rtinsthirdmeetingiswithJamesWolfe,whoisinterestedininvestinginventurecapitalorprivateequityfunds.Heisfinanciallyverycomfortableandisthuswillingtotakeonrisk.MartinhasrecentlyreceivedsomeinformationaboutanewventurecapitaldealinvolvingasoftwarecompanythatmaybeofinteresttoWolfe.Informationaboutthesoftwa

22、recompanyfortheventurecapitaldealisprovidedinExhibit1.Exhibit1VentureCapitalDeal:InvestmentInformationTerminalvalue(attimeofexit)$1,000,000Timetoexitevent3yearsAmountofinitialinvestment$200,000Discountrate40%Wolfeisalsointerestedininvestinginprivateequityfundsbutisnotfamiliarwithhowtheirmanagementco

23、mpensationsystemswork.Hewantstomakesurethatmanagementstaysmotivatedandisfocusedonmaximizingprofits.MartintellsWolfethatmostprivateequityfundshaveamechanisminplacethatenablesthemanagementteamtoincreaseitsequityallocationdependingonthecompanysactualperformanceandthereturnachievedbytheprivateequityfirm

24、.13.IsMartin,swarningaboutinvestinginprivateequityrealestateportfoliostrue?A.YesB.No,privateequityrealestateportfoliosarelessriskythanstockportfoliosandhavelowerexpectedreturnsC.No,privateequityrealestateportfoliosaremoreriskythanstockportfoliosandhavehigherexpectedreturnsU2三EOgZ$uUOSIE80ZSPQUo=Uul寸

25、IasY一O=SoSoPSIXEodojdAuuIBjPInulOq二OJSOlBUIPSo.S工BnIBqJOrqBAOqH寸I。6sg!DUUOMpqH:M.5IOJIBoMSjJIgosuoPOSBqgl16.WhichofMetcalfe,sstatementsregardingREITsisleastlikelycorrect?A.Statement1B.Statement2C.Statement317.BasedontheinformationinExhibit1,thepre-moneyvaluationoftheventurecapitaldealisclosestto:A.$164,431.B.$291,545.C.$364,431.18.InherdiscussionwithWolfeonprivateequityfunds,themechanismMartinmentionsismostlikely:A.aratchet.B.carriedinterest.C.adistributionwaterfall.ypnJpooo