Alternative Investments: CAIA Level I, 4th Edition is the curriculum book for the Chartered Alternative Investment Analyst (CAIA) Level I professional examination. Covering the fundamentals of the alternative investment space, this book helps you build a foundation in alternative investment markets. You'll look closely at the different types of hedge fund strategies and the range of statistics used to define investment performance as you gain a deep familiarity with alternative investment terms and develop the computational ability to solve investment problems. From strategy characteristics to portfolio management strategies, this book contains the core material you will need to succeed on the CAIA Level I exam. This updated fourth edition tracks to the latest version of the exam and is accompanied by the following ancillaries: a workbook, study guide, learning objectives, and an ethics handbook.

Alternative Investments: CAIA Level I
The official reading for the CAIA Level I exam

"As the array of offerings continues to grow in the world of alternative investments, many asset classes have morphed more into industries, accompanied by a widening breadth of risk profiles and performance dispersion. Value will accrue to the astute and patient investor, and the CAIA Level I curriculum is an outstanding source for needed education."
—Elena Manola-Bonthond, PhD, CAIA, Chief Investment Officer, CERN Pension Fund

"We have seen extraordinary interest and growth in alternative risk premia over the last decade. Investors continue to either seek better risk-adjusted returns through a widening set of uncorrelated offerings, or to access an asset class or strategy that is expected to produce higher absolute returns in the current low-yield environment. Regardless of motivation, financial education has never been more important, and the CAIA Association Level I textbook is an essential read for all investors."
—Valerie Sill, CFA, CAIA, President and Chief Executive Officer, Dupont Capital Management

"While the first hedge fund may have been formed 80 years ago, wider institutional adoption of these and other alternative investments has mainly been a feature of the most recent 20 years. The CAIA Association and their important educational mandate is ever more relevant in this Fourth Edition text. It is essential foundational reading for investment professionals who wish to succeed in today's complex world."
—David George, CFA, CAIA, Deputy Chief Investment Officer, Public Markets, Future Fund Management Agency

Seasoned professionals looking to explore new areas within the alternative investment arena, as well as new industry participants seeking to establish a solid understanding of alternative investments, will find that Alternative Investments: CAIA Level I is the best way to achieve these goals, and the smartest way to prepare for the CAIA Level I exam.