CFA® L3 — Alternative Investments Portfolio Management
Allocating to PE, hedge funds, real assets — sizing, risk, illiquidity premium, and the realities of due diligence at a portfolio level.
Quick info
- Layer
- Professional Certifications
- Track
- CFA® Level 3
- Estimated hours
- 25 hrs
- Chapters
- 4
- Exam body
- CFA Institute
- Cost on Trustner
- Free
The full chapter-by-chapter syllabus is published below so you know exactly what you're committing to. Individual lesson pages are being authored progressively over the coming weeks. Bookmark this page or browse all courses.
About this course
Allocating to PE, hedge funds, real assets — sizing, risk, illiquidity premium, and the realities of due diligence at a portfolio level.
Who this is for
- CFA L3 candidates.
- Allocators considering alternative investments.
What you'll learn
- Sizing alternatives in a total portfolio
- PE pacing and commitment strategies
- Hedge-fund manager due diligence
- Real assets — inflation hedging properties
Full syllabus — 4 chapters
- 1Reading 1
Alternatives in total portfolio
- Risk-return contribution
- Liquidity budgeting
- 2Reading 2
PE pacing
- Commitment and J-curve
- Vintage diversification
- 3Reading 3
Hedge-fund due diligence
- Operational vs investment DD
- Fee structures and netting
- 4Reading 4
Real assets
- Real estate, infra, commodities, gold
- Inflation properties
About the exam
- Provider
- CFA Institute
Note: ~5-10% of CFA L3 weight.
The exam is administered by CFA Institute. Trustner Academy is not affiliated with CFA Institute; we provide independent preparatory educational material. See our disclaimer.
More from CFA® Level 3
CFA® L3 — Asset Allocation
Strategic and tactical asset allocation, capital-market expectations, the IPS, currency management. Heavy in the L3 essay paper.
CFA® L3 — Portfolio Construction
Active vs passive choice, factor investing, manager selection, ETF use, taxes, and the mechanics of building and rebalancing a real portfolio.
CFA® L3 — Performance Measurement
Attribution, benchmarking, risk-adjusted returns, the GIPS Standards. Measuring what a manager actually delivered.
CFA® L3 — Derivatives & Risk Management
Hedging equity, currency, and rate risk; managing portfolios with futures, options, and swaps; tail-risk hedging strategies.