Level III Asset Allocation

Access to all Level III asset allocation articles until the next Level III exam date

The idea of roll yield – or roll return, same thing – is relatively straightforward: it’s part of the increase or decrease in the value of your portfolio that arises specifically when you roll over an expiring futures or forward contract into a new contract.  The other parts of that increase or decrease are the […]

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Level III candidates often confuse cross hedges and proxy hedges.  This isn’t their fault: one of the readings makes a distinction between these, while another claims that they’re the same (though it includes a footnote that says that they’re different). Sigh. Suppose that your domestic currency is the Canadian dollar (CAD), and that you have […]

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I came across some topics in currency exchange at Level III that seemed to be vexing some candidates, so I thought that it warranted an article.  This will be a catch-all: anything on currency exchange at Level III across which I stumble I’ll include here. Domestic Currency Return vs. Local Currency Return Suppose that your […]

This article is for members only.  You can become a member now by purchasing a

CFA® Level III Membership

This will give you access to this and all other articles at that membership level.