Free CAIA Level II Institutional Asset Owners Practice Questions
Institutional asset owners on CAIA Level II covers endowment models (Yale model), pension plan types (DB, DC), sovereign wealth fund governance, family office structures, investment policy statements, and strategic asset allocation for institutions.
B is correct. Free ports (such as those in Geneva, Luxembourg, and Singapore) are secure, climate-controlled warehouses situated outside a country's customs territory. Goods stored there are not subject to import duties or VAT until they leave the facility, making free ports attractive for storing high-value art, wine, and precious metals.
Question 2
Medium
A pension plan overlay approach typically involves:
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Correct Answer: D
Solution
D is correct. An overlay program uses derivatives — most commonly interest rate swaps or Treasury futures — layered on top of the existing physical portfolio to adjust total portfolio duration toward the liability duration target, without requiring a wholesale restructuring of the underlying asset mix.
Question 3
Hard
An analyst compares Norway's GPFG and Singapore's Temasek Holdings across several dimensions. Which of the following paired observations is most accurate?
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Correct Answer: D
Solution
D is correct. GPFG is characterized by broad, passive diversification across global markets with strict exclusion of domestic Norwegian assets, operating largely as an index-oriented fund with ethical exclusions. Temasek, by contrast, maintains concentrated, long-term equity stakes in flagship Singaporean companies (e.g., Singapore Airlines, DBS, Singtel) and Asian corporations, actively engaging as a strategic shareholder rather than a passive investor.
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