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"Alternative Investments":hedge fund
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Questions 1:
A least likely reason for investors to include commodity derivatives in their investment portfolios is:
A 、commodity-related stocks’ positive correlation with the overall equity market.
B 、it eliminates the need to understand the physical supply chain and general supply–demand dynamics of a commodity.
C、 the tendency for commodity prices to be positively correlated with inflation.
Questions 2:
Hedge funds are least likely to have restrictions concerning:
A、 the withdrawal of invested funds.
B 、the use of derivatives.
C 、the number of investors in the fund.
View answer resolution
【Answer to question 1】B
【analysis】
B is correct. Because the prices of commodity derivatives are, to a significant extent, a function of the underlying commodity prices, it is important to understand the physical supply chain and general supply–demand dynamics of a commodity.
A is incorrect because commodity-related stocks tend to exhibit a high degree of correlation with the overall equity market. High correlation means low diversification benefits, which reduces the appeal of including this type of investment in a portfolio so investors may be drawn to commodity derivatives that have a lower correlation with the overall equity market.
C is incorrect because commodity prices tend to be positively correlated with inflation.
【Answer to question 2】B
【analysis】
B is correct. The use of derivatives is a typical feature of contemporary hedge funds.
A is incorrect. Hedge funds tend to impose restrictions on the withdrawal of funds.
C is incorrect. Investing in hedge funds is open only to a limited number of investors.
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