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FINANCIAL MARKET COURSES

Liquid Alternatives

This course examines the emergence of liquid alternative funds (“liquid alts”) as a significant asset class since the global financial crisis. The drivers behind the growth of liquid alts are examined, along with the differences between these funds, standard mutual/investment funds, and hedge funds. The course also covers the main liquid alternative trading strategies, as well as the key risk and regulatory considerations for both fund managers and investors.

  • OBJECTIVES

    On completion of this course, you will be able to:

    Distinguish liquid alternative funds from traditional mutual/investment funds and hedge funds

    Identify the main strategies implemented by liquid alternative fund managers

    Recognize the risk and performance characteristics of liquid alternative funds, as well as the key regulatory issues in relation to these funds

  • COURSE OUTLINE

    Topic 1: Overview of Liquid Alternatives

    Drivers Behind the Growth of Liquid Alternatives

    Mutual/Investment Funds vs. Liquid Alternative Funds

    o Attractions of Mutual Funds

    o Drawbacks of Mutual Funds

    Hedge Funds vs. Liquid Alternative Funds

    o Attractions of Hedge Funds

    o Drawbacks of Hedge Funds

    Characteristics of Liquid Alternative Funds

    o Attractions of Liquid Alternative Funds

    o Drawbacks of Liquid Alternative Funds

    Topic 2: Fund Strategies

    Hedge Funds vs. Liquid Alternative Funds

    o Liquid Alternative Funds: Liquidity Limitations

    Strategies Used By Liquid Alternative Fund Managers

    o Equity Long/Short

    o Managed Futures

    o Market Neutral

    o Multi-Strategy

    o Non-Traditional Bond

    o Global Macro

    Topic 3: Fund Risk, Performance, & Regulation

    Key Risks

    o Interest Rate Risk

    o Liquidity Risk

    o Leverage

    o Credit Risk

    o Operational Risk

    o Systemic Risk

    o Regulatory Risk

    Fund Performance

    Regulatory Issues

    o Revaluation of Assets

    o Liquidity

    o Leverage

    o Management

  • PREREQUISITE KNOWLEDGE

  • ESTIMATED COMPLETED TIME

    60 Minutes

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