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Contents 1. Learning Outcome Statements (LOS) 2. Reading 39: Private Real Estate Investments 1. Exam Focus 2. Module 39.1: Introduction and Commercial Property Types 3. Module 39.2: Valuation Approaches, Direct Capitalization, and NOI 4. Module 39.3: Valuation Using Stabilized NOI, Multipliers, DCF 5. Module 39.4: Valuation Using Cost Approach and Sales Comparison 6. Module 39.5: Due Diligence, Indices, and Ratios 7. Key Concepts 8. Answer Key For Module Quizzes 3. Reading 40: Publicly Traded Real Estate Securities 1. Exam Focus 2. Module 40.1: Introduction to REOCs and REITs, Structures, Types 3. Module 40.2: REIT Valuation NAVPS 4. Module 40.3: REIT Valuation FFO/AFFO, DCF 5. Key Concepts 6. Answer Key for Module Quizzes 4. Reading 41: Private Equity Valuation 1. Exam Focus 2. Module 41.1: Valuation Issues 3. Module 41.2: Exit Routes, Costs, Risks, and Financial Performance Ratios 4. Module 41.3: Fee and Distribution Calculations 5. Module 41.4: Venture Capital Funding—Single Round 6. Module 41.5: Venture Capital Funding—Multiple Rounds 7. Key Concepts 8. Answer Key for Module Quizzes 5. Reading 42: Introduction to Commodities and Commodity Derivatives 1. Exam Focus 2. Module 42.1: Introduction and Theories of Return 3. Module 42.2: Analyzing Returns and Index Construction 4. Key Concepts 5. Answer Key for Module Quizzes 6. Topic Assessment: Alternative Investments 7. Topic Assessment Answers: Alternative Investments 8. Reading 43: Exchange-Traded Funds: Mechanics and Applications 1. Exam Focus 2. Module 43.1: ETF Mechanics and Tracking Error 3. Module 43.2: Spreads, Pricing Relative to NAV, and Costs 4. Module 43.3: ETF Risks and Portfolio Applications 5. Key Concepts 6. Answer Key for Module Quizzes 9. Reading 44: Using Multifactor Models 1. Exam Focus 2. Module 44.1: Multifactor Models 3. Module 44.2: Macroeconomic Factor Models, Fundamental Factor Models, and Statistical Factor Models 4. Module 44.3: Multifactor Model Risk and Return 10. 11. 12. 13. 14. 15. 16. 17. 5. Key Concepts 6. Answer Key for Module Quizzes Reading 45: Measuring and Managing Market Risk 1. Exam Focus 2. Module 45.1: Value at Risk (VaR) 3. Module 45.2: Using VaR 4. Module 45.3: Sensitivity and Scenario Risk Measures 5. Module 45.4: Applications of Risk Measures 6. Module 45.5: Constraints and Capital Allocation Decisions 7. Key Concepts 8. Answer Key for Module Quizzes Reading 46: Economics and Investment Markets 1. Exam Focus 2. Module 46.1: Valuation and Interest Rates 3. Module 46.2: The Business Cycle 4. Key Concepts 5. Answer Key for Module Quizzes Reading 47: Analysis of Active Portfolio Management 1. Exam Focus 2. Module 47.1: Value Added by Active Management 3. Module 47.2: The Information Ratio vs. the Sharpe Ratio 4. Module 47.3: The Fundamental Law 5. Module 47.4: Active Management 6. Key Concepts 7. Answer Key for Module Quizzes Reading 48: Trading Costs and Electronic Markets 1. Exam Focus 2. Module 48.1: Explicit and Implicit Trading Costs 3. Module 48.2: Electronic Trading Systems 4. Module 48.3: Characteristics and Uses of Electronic Trading Systems 5. Module 48.4: Risks and Surveillance of Electronic Trading Systems 6. Key Concepts 7. Answer Key for Module Quizzes Topic Assessment: Portfolio Management Topic Assessment Answers: Portfolio Management Formulas Copyright List of pages 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48. 49. 50. 51. 52. 53. 54. 55. 56. 57. 58. 59. 60. 61. 62. 63. 64. 65. 66. 67. 68. 69. 70. 71. 72. 73. 74. 75. 76. 77. 78. 79. 80. 81. 82. 83. 84. 85. 86. 87. 88. 89. 90. 91. 92. 93. 94. 95. 96. 97