This module is not currently running in 2024 to 2025.
Explore numerous types of alternative assets and the investment strategies behind them. You'll learn about innovative forms of investments such as start-up venture capital (VCs) and leveraged buyouts (LBOs), often discussed in everyday financial news. Alternative assets are a subset of an existing asset class, however they are rather different. Understanding them benefits both strategic and tactical asset allocations conducted by either dividual or institutional investors in their pursuit of portfolio diversification. You'll gain qualitative and technical analyses within a broader portfolio management context, expanding your knowledge beyond traditional assets investing and exposing you to the possibility of exciting new career pathways such as hedge funds and private equity firms.
The module will be taught by lectures, seminars and private study.
Total Contact Hours: 32
Private Study Hours: 118
Main assessment methods
Group Written Report- 2000 words: 30%
Examination – two-hour, closed book, unseen: 70%
Reassessment methods
Reassessment will be on a like-for-like basis.
Core Reading
Anson, M. J. P. (2006). Handbook of Alternative Assets. 2nd Edition. Chichester: John Wiley & Sons.
Anson, M. J. P., Chambers, D. R., Black, K. H., and Kazemi, H. (2012). CAIA Level I: An Introduction to Core Topics in Alternative Investments. 2nd Edition. Chichester: John Wiley & Sons.
Anson, M. J. P., Fabozzi, F. J., and Jones, F. J. (2011). The Handbook of Traditional and Alternative Investment Vehicles: Investment Characteristics and Strategies. Chichester: John Wiley & Sons.
Baker, K., Filbeck, G. (2013). Alternative Investments: Instruments, Performance, Benchmarks and Strategies. Chichester: John Wiley & Sons.
Additional Reading
Brueggeman, W.B. & Fisher, J. (2016) Real Estate Finance and Investments. Columbus, OH: McGraw-Hill
German, H. (2005) Commodities and Commodity Derivatives: Modelling and Pricing for Agriculturals, Metals and Energy. Chichester: John Wiley & Sons
Lhabitant F.S., (2006) Handbook of Hedge Funds. Chichester: John Wiley & Sons
Stefanini, F. (2006) Investment Strategies of Hedge Funds Chichester: John Wiley & Sons
Tamvakis, M.N. (2015) Commodity Trade and Finance. 2nd Edition. Abingdon: Informa Routledge
See the library reading list for this module (Medway)
The intended subject specific learning outcomes.
On successfully completing the module students will be able to:
- Demonstrate critical knowledge and systematic understanding of the hedge fund industry: Its structure and approaches to operations as well as key investment strategies.
- Demonstrate critical knowledge of various commodities and understand how to operate in such markets: The potential benefits of commodity investments including their links to hedging and diversification.
- Demonstrate critical knowledge and understanding of various real estate investments: The potential to enhance portfolio investment strategies as well as the related risk analysis.
- Demonstrate critical knowledge and understanding of private equity methods of investment: The risks and potential returns of such investment strategies including venture capital and leveraged buyouts.
The intended generic learning outcomes.
On successfully completing the module students will be able to:
- Analyse, compare, discuss and critically evaluate various alternative investment strategies
- Develop suitable communication skills using appropriate formats
- Apply both quantitative and qualitative techniques for solving problems
- Work effectively and efficiently both independently
- Work effectively and efficiently within a team
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