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AIS Analysis of Alternative Investment Products Guide

CSI Advanced Investment Strategies chapter guide for analysis of alternative investment products, with section lessons, portfolio decision cues, and review priorities.

Analysis of Alternative Investment Products is an AIS exam topic weighted at 13%. Use this chapter landing page to frame the advanced portfolio decision first, then move into the section lessons for the specific client, analysis, product, tax, protection, or wealth-accumulation cues.

What this topic is really testing

  • alternative investments and asset-class framework
  • hedge fund strategies and commodities
  • real estate, infrastructure, and private markets
  • collectibles and digital assets
  • access routes, due diligence, and producer risk management

Section lessons

LessonMain review cue
Alternative Investments and Asset-Class FrameworkDefine alternative investments at a high level and explain why they are treated differently from conventional assets
Hedge Fund Strategies and CommoditiesRecognize the broad characteristics of hedge fund strategies at a high level
Real Estate, Infrastructure, and Private MarketsExplain the main investment rationale for real estate exposure, including income, inflation sensitivity, and diversification value
Collectibles and Digital AssetsRecognize why collectibles are highly idiosyncratic and difficult to value consistently
Access Routes, Due Diligence, and Producer Risk ManagementDifferentiate direct and indirect access routes to alternative investments

Better first instincts

If the case feels most like…Better first move
client discovery or constraintsdefine the objective and constraint before naming a strategy
security or fund analysisconnect the evidence to portfolio fit, not just valuation appeal
alternatives or international investingtest liquidity, tax, currency, transparency, and access risk
protection or wealth dragidentify the risk or drag before choosing a tool

Common traps

  • using advanced terminology as a substitute for suitability analysis
  • ignoring after-tax and after-fee outcomes
  • treating alternatives or hedges as automatically superior because they sound sophisticated
  • missing when the best answer is to reset expectations or revise the allocation rather than add a product

In this section

Revised on Friday, May 29, 2026
3. Analyzing and Selecting Debt and Mutual Fund Securities
5. International Investing and Taxation