Alternative Investments features summary

この記事は特に大きな意味はないのですが、自分の手元にてオルタナ投資という領域の特徴をまとめたものです。

1. Evaluations
- Sortino ratio is better
- Reflecting only downside standard deviation (semi deviation)
2. Role, Merit
* Decrease of Equity beta and increase of alpha return (by security selection)
        E.g. Headge fund
* Higher returns from illiquidity
        E.g. PE, Private Credit
* Inflation hedge
        E.g. Real Asset, Real Estate
3. Correlation, Distribution
* Short term
- Bond is better (better diversification)
* Long term
- Alternative Investment is better (Higher return & certain diversification)
4. Liquidity (for Hedge Fund)
- Lock up
- Side pocket
- Gate
5. Suitability
- Long time horizon
- Low transparency