NISM 19D Alternative Investment Fund Managers Certification Exam Notes

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  • J Curve Effect: Early losses due to fees and investments, later gains.
  • Gross IRR: Calculated before fees and expenses, reflecting fund performance.
  • Net IRR: After fees, represents actual investor returns.
  • Benchmark Selection: Must align with fund’s investment mandate.
  • Alpha Calculation: Measures outperformance relative to benchmark returns.

NISM 19D Alternative Investment Fund Managers

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