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Basic Question 0 of 3
The Private Equity provisions apply to all of the following except for ______.
II. evergreen funds
III. fund-of-funds investing
IV. secondary investing
I. buy-out investing
II. evergreen funds
III. fund-of-funds investing
IV. secondary investing
User Contributed Comments 6
| User | Comment |
|---|---|
| wuyi | Secondary investing: the purchase of pre-existing limited partnership interests and direct private equity investments. The market develops as a result of investors, who for external reasons, were forced to seek an early exit for their private equity holdings at a discount to fair market value. |
| viannie | Private Equity provisions do not apply for open-end funds and Evergreen funds. For these two types of funds, general GIPS standards applies. |
| ChrisHam | NOT APPLICABLE FOR 1.OPEN END 2.EVERGREEN. |
| shiva5555 | What is an evergreen fund? |
| geofin | (Evergreen fund) A fund in which returns generated on investments are automatically returned to the general pool, with the aim of keeping a continuous supply of capital on hand for investments. www.austinfund.com/faqs.glossary.html |
| johntan1979 | Evergreen = always green = always have greenbacks at hand for investment |
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Learning Outcome Statements
calculate and interpret alternative price multiples and dividend yield;
calculate and interpret underlying earnings, explain methods of normalizing earnings per share (EPS), and calculate normalized EPS;
explain and justify the use of earnings yield (E/P);
describe fundamental factors that influence alternative price multiples and dividend yield;
calculate and interpret the justified price-to-earnings ratio (P/E), price-to-book ratio (P/B), and price-to-sales ratio (P/S) for a stock, based on forecasted fundamentals;
calculate and interpret a predicted P/E, given a cross-sectional regression on fundamentals, and explain limitations to the cross-sectional regression methodology;
evaluate a stock by the method of comparables and explain the importance of fundamentals in using the method of comparables;
calculate and interpret the P/E-to-growth ratio (PEG) and explain its use in relative valuation;
calculate and explain the use of price multiples in determining terminal value in a multistage discounted cash flow (DCF) model;
explain alternative definitions of cash flow used in price and enterprise value (EV) multiples and describe limitations of each definition;
calculate and interpret EV multiples and evaluate the use of EV/EBITDA;
CFA® 2025 Level II Curriculum, Volume 4, Module 23.