UNIVERSITY OF MUMBAI

(SIXTH SEMESTER)
T.Y.B.F.M.

A PROJECT ON:
ALTERNATIVE INVESTMENTS

ACADEMIC YEAR:
2023-2024

SUBMITED BY:
KATARIA SAHIL CHETAN

PROJECT GUIDE:
PROF. JASLEEN KAUR

DATE OF SUBMISSION:
11th MARCH, 2024

MALINI KISHOR SANGHVI COLLEGE OF COMMERCE

AND ECONOMICS
J.V.P.D. SCHEME
VILE PARLE (WEST)
MUMBAI – 400 049
 DECLARATION

I, KATARIA SAHIL CHETAN of MALINI KISHOR SANGHVI

COLLEGE OF COMMERCE AND ECONOMICS, of [Link].M.
(Semester VI) declare that I have completed this project on the
“ALTERNATIVE INVESTMENTS” in the academic year 2023 –
2024. The information submitted is true and original to the best of my
knowledge.

DATE OF SUBMISSION ___________________________

11th MARCH, 2024. SIGNATURE OF STUDENT
(KATARIA SAHIL CHETAN)
 CERTIFICATE

This is to certify that KATARIA SAHIL CHETAN of MALINI

KISHOR SANGHVI COLLEGE OF COMMERCE AND
ECONOMICS, of T.Y.B.F.M. (Semester VI) has completed the project
on the “ALTERNATIVE INVESTMENTS”, in the academic year 2023
– 2024. The information submitted is true and original to the best of my
knowledge.

____________________ __________________________
SIGNATURE OF PROJECT GUIDE SIGNATURE OF BFM CO-ORDINATOR
(PROF. JASLEEN KAUR) ([Link] KAUR)

___________________________ ___________________________________
COLLEGE SEAL SIGNATURE OF EXTERNAL EXAMINER

___________________________
SIGNATURE OF PRINCIPAL
(DR. KESHAV GHORUDE)
 ACKNOWLEDGEMENT

It has always been my sincere desire as a Commerce student to get an

opportunity to express my views, skills, attitude, and talent in which I am
proficient. A project is one such avenue through which a student who
aspires to be a future manager does something creative. This project has
given me the chance to get in touch with the practical aspects of
commerce.

I am extremely grateful to the University of Mumbai for having

prescribed this project work to me as a part of the academic requirement
in the Bachelor of Commerce (Financial Markets) (BFM) course.

I wish to appreciate the management and staff of Malini Kishor Sanghvi

College, BFM for providing the entire state-of-the-art infrastructure and
resources to enable the completion and enrichment of my project.

I wish to extend a special thanks to my project Guide Prof. Jasleen Kaur

without her guidance, the project may not have taken shape.
 INDEX.

[Link] PARTICULARS PAGE

NO.
1 Introduction To Alternative Investments. 1
2 History Of Alternative Investments. 4
3 Importance Of Investing. 5
4 Types Of Alternative Investments. 8
5 Methods To Invest In Alternative Investments. 14
6 Benefits Of Investing In Alternative Investments. 16
7 Alternative Investments Performances And Returns. 19
8 Alternative Investments Strategies. 22
9 Challenges In Investing In Alternative Investments. 25
10 Risks Of Investing In Alternative Investments. 28
11 Role Of Alternative Investments In Financial System. 30
12 Research Methodology. 33
13 Data Analysis And Interpretation. 34
14 Conclusion. 52
15 Recommendation 54
16 Bibliography. 55

17 Annexure. 56
 Introduction to Alternative Investments.

The financial world offers a vast landscape of investment options beyond the familiar
realm of stocks and bonds. Investing options apart from traditional investments are
called Alternative Investments. These alternative investments encompass a diverse set
of assets that can potentially enhance an investment portfolio's diversification, risk
management, and potential return.

The primary appeal of alternative investments lies in their potential to provide returns
that are not closely correlated with the stock market. This can help investors manage
risk and enhance portfolio performance, especially during periods of market volatility.
Additionally, alternative investments often have lower liquidity compared to
traditional assets, meaning they may not be as easily bought or sold. This illiquidity
can sometimes lead to higher returns but also requires investors to carefully consider
their investment horizon and risk tolerance.

Features of Alternative Investments.

Compared with traditional investments, alternative investments typically exhibit the

following features.

 More specialized knowledge required of investment managers.

Investment managers increasingly need deep expertise due to complex
financial markets, evolving regulations, and diverse investment products.

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 Analyzing risks, trends, and opportunities demands specialized skills in asset
valuation, portfolio management, and risk mitigation.
 Relatively low correlations with returns of traditional investments.
Alternative investments often exhibit minimal correlation with traditional asset
classes returns. This characteristic diversifies portfolios, potentially reducing
overall risk by providing unique return patterns unaffected by conventional
market movements.
 Less liquidity of assets held.
Investments with lower liquidity have fewer buyers and sellers, making it
harder to buy or sell quickly without affecting the asset's price. This illiquidity
may require longer holding periods to exit positions.
 Longer time horizons for investors.
Investors with longer time horizons have extended periods to ride out market
fluctuations, benefiting from compounding returns and potentially weathering
short-term volatility for greater wealth accumulation over time.
 Larger size of investment commitments.
Investment commitments with larger sizes require substantial capital, limiting
accessibility to high-net-worth individuals or institutions. This scale can
provide advantages like access to exclusive opportunities but necessitates
significant financial resources.

Characteristics of Alternative Investments.

As a result of unique features mentioned above, alternative investments exhibit the

following characteristics:

 Investment structures that facilitate direct investment by managers.

 Information asymmetry between Fund managers and investors, which funds
typically address by means of incentive based fee structures.
 Difficulty in operating performance such as more problematic and less
available historical returns and volatility data.

Due to their complexity and sometimes higher risk profile, alternative investments are
typically suitable for more sophisticated investors who have a deeper understanding
of financial markets and are willing to accept higher levels of risk in pursuit of

2
potentially higher returns. However, as with any investment, thorough research and
due diligence are essential to assess the risks and potential rewards associated with
alternative investments.

Valuation of Investments.

As we have discussed, many alternative investments involve illiquid assets that do not
trade frequently in transparent markets. While funds must recognize investments at
fair value to comply with accounting standards, fair value might rest on assumptions
of which an investor in a fund should be aware. A fair value hierarchy groups these
assumptions into the following three levels:

 Level 1
The assets trade in active markets and have quoted prices readily available,
such as exchange-traded securities.
 Level 2
The assets do not have readily available quoted prices, but they can be valued
based on directly or indirectly observable inputs, such as many derivatives that
can be priced using models.
 Level 3
The assets require unobservable inputs to establish a fair value, such as real
estate or private equity investments, for which there have been few or no
market transactions.

Particularly for Level 3 investments, the absence of market activity can result in
valuations that remain near their initial cost for long periods. As a result, these values
might not reflect the actual exit costs of the investments. Importantly, this relative
lack of change in fair values can make reported returns for alternative investments
appear higher, less risky, and less correlated with traditional investments than they
really are.

3
 History of Alternative Investments.

The journey of alternative investments stretches back centuries, marked by innovation

and adaptation to evolving financial landscapes. Here is a glimpse to when the new
forms of investment came into existence.

Real Estate Investment Trusts (REITs): Introduced in the United States in

1960.

Venture Capital: Originating in the early 20th century, formalized in the mid-
20th century.

Commodities: Trading in futures contracts dates back centuries but became

accessible to retail investors in the 1970s.

Hedge Funds: Emerged in the 1940s, gained popularity in the 1970s.

Private Equity: Formalized in the 1980s.

Private Real Estate Funds: Gained prominence in the 1980s.

Infrastructure Investments: Developed in the 1990s.

Distressed Debt: Grew in the 1990s.

Cryptocurrencies: Bitcoin, the first cryptocurrency, was introduced in 2009.

Peer-to-Peer Lending (P2P): Became popular in the late 2000s.

Collectibles Investing: Including art, wine, and classic cars, has a long history but
gained formal recognition as an alternative asset class in the late 20th century.

Farmland Investments: Gained traction in the late 20th century and early 21st
century.

Renewable Energy Investments: Became prominent in the early 21st century

with the rise of clean energy initiatives.

4
 Importance of Investing.

Investing is the cornerstone of wealth creation, offering opportunities for individuals

and institutions to grow their financial resources over time. While traditional
investments like stocks and bonds have long been the focus of investors, alternative
investments have gained prominence in recent decades due to their unique
characteristics and potential benefits. Understanding the importance of investing is
necessary to become successful and allow your money to generate more money for
you.

Investing holds significant importance in securing your financial future and achieving
various financial goals. Here are some key reasons why investing is essential:

Grow your wealth and outpace inflation: Leaving your money in a savings
account might seem safe, but inflation gradually erodes its purchasing power.
Investing, however, has the potential to grow your money over time, allowing you
to counter inflation and potentially increase its value. This growth can be achieved
through various means, like earning dividends from stocks, receiving interest from
bonds etc.

Access to Unique Opportunities: Alternative investments provide access to

unique opportunities and niche markets that may not be available through
traditional investment channels. Private equity and venture capital, for instance,
allow investors to participate in the growth and innovation of early-stage
companies before they go public. These investments provide exposure to

5
innovative technologies, disruptive business models, and high-growth industries,
offering the potential for significant capital appreciation.

Generate passive income: Some investments provide passive income, meaning

you earn money without actively engaging in work. This income can come in
various forms, such as rental payments from real estate, dividends from stocks, or
interest payments from bonds. Passive income can significantly contribute to your
financial security and offer greater financial freedom.

Portfolio Tailoring and Customization: Investing in alternative assets allows

investors to tailor their portfolios to specific objectives, risk tolerances, and
investment preferences. Unlike traditional investments, which are typically
standardized and widely available, alternative assets offer a wide range of
investment structures, strategies, and risk profiles to suit individual investor needs.

Protect your purchasing power: As mentioned earlier, inflation steadily

decreases the value of your money over time. Investing can act as a hedge against
inflation by offering the potential for your investments to grow at a rate that
outpaces inflation, preserving your purchasing power and maintaining your ability
to afford the same goods and services in the future.

Long-Term Growth Potential and Economic Development: Alternative

investments play a crucial role in driving long-term economic growth and
development by channeling capital into emerging industries, infrastructure
projects, and underserved markets. Private equity and venture capital, for
example, provide funding and expertise to early-stage companies, fueling
innovation, job creation, and economic expansion.

Secure your financial future: Investing is crucial for long-term financial

security, especially as you approach retirement. By planning and investing
proactively, you can build a nest egg that will provide financial support when you
no longer have a regular income.

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In conclusion, investing in alternative assets is essential for diversifying
portfolios, managing risk, and maximizing investment returns. By incorporating
alternative investments into their portfolios, investors can access unique
opportunities, generate income, and protect against inflation while contributing to
long-term economic growth and development. It’s important to remember that
investing is not without risks. The value of your investments can fluctuate, and
there is always a chance of losing money. However, understanding your risk
tolerance, diversifying your portfolio, and investing for the long term can help you
mitigate these risks and potentially reap the numerous benefits that investing
offers.

7
 Types of Alternative Investments.

Investors are drawn to explore beyond stocks and bonds in the changing financial
world. This leads them into the wide category of Alternative Investments. a diverse
universe of assets offering potential diversification, income generation, and unique
return [Link] a spectrum of options, ranging from established asset classes
like real estate and commodities to newer innovations like cryptocurrencies and peer-
to-peer lending.

Alternative investments encompass a diverse range of asset classes beyond traditional

stocks, bonds, and cash. Some common types of alternative investments include:

 Private Equity (PE):

It is a form of investment where funds are pooled together to invest in private

companies or acquire public companies and take them private. Private equity as a
concept dates back to the early 20th century, primarily in the United States, where
wealthy individuals and families invested directly in private companies. Private equity
gained prominence in India in the 1990s following economic liberalization and the
opening up of the Indian economy to foreign investment.

The establishment of regulatory frameworks, such as the Securities and Exchange

Board of India (SEBI) regulations, facilitated the growth of private equity activity in
the country. The Indian private equity landscape continues to evolve, with increasing

8
participation from domestic and international investors, as well as the emergence of
new investment strategies and structures.

 Commodities:

Commodities are the fundamental building blocks of the global economy. They are
basic goods used as raw materials in the production of a wide range of products or
traded as essential staples. These can be broadly categorized into two main groups:

Hard commodities: These are natural resources that need to be extracted from the
earth, such as metals (gold, silver, copper), energy sources (oil, natural gas), and
industrial minerals (coal).

Soft commodities: These are agricultural products or livestock, including grains

(wheat, corn, rice), oilseeds (soybeans, canola), fibers (cotton), and meats (cattle,
pork).

It's important to note that commodity trading can be complex and involves inherent
risks. Factors like weather conditions, geopolitical events, and global economic trends
can significantly impact commodity prices.

 Venture capital (VC firms):

It is a form of private equity financing provided to startups and early-stage companies

with high growth potential. Investors in these firms are also called angle investors.
There are 4 Stages of Venture Capital Investment:

Seed Stage: Funding provided to startups in the earliest stages of development,

typically used to validate the business idea, develop a prototype, or conduct initial
market research.

Early Stage: Financing provided to companies that have demonstrated product-

market fit and are ready to scale their operations. Series A funding is often used to
fund product development, expand sales and marketing efforts, and hire key
personnel.

9
Growth Stage: Investments made in companies that have achieved significant
traction in the market and are scaling rapidly. Growth-stage funding is used to fuel
expansion, enter new markets, and further develop the product or service offering.

Later Stage: Funding provided to mature companies that are nearing or have
achieved profitability. Late-stage investments may be used to fund acquisitions,
facilitate an IPO, or provide liquidity to early investors and employees.

 Hedge Funds:

Hedge funds are a specific type of alternative investment designed to generate

potentially high returns using complex and often aggressive strategies. Unlike
traditional mutual funds, they offer lower correlation with the stock market,
potentially providing diversification benefits but also carrying higher [Link]
funds are essentially pooled investment vehicles managed by professional fund
managers.

These funds attract wealthy individuals, institutions, and accredited investors who
contribute capital. The fund manager then utilizes this capital to invest in a wide range
of assets, including: Stocks, Bonds, Derivatives (options, futures, swaps)Currencies,
Real estate, Private equity etc. Its advantages include; high potential returns,
diversification, access to a broader range of assets etc. while the disadvantages may
include; higher fees, higher risks and higher minimum investments.

 Art and collectibles:

Investing in art and collectibles can be a lucrative and enriching endeavor, offering
potential for long-term appreciation, emotional connection, and even aesthetic
enjoyment.

Important Considerations while investing in art and collectibles are:

Liquidity: Be prepared for limited liquidity and the potential challenge of selling
your investments quickly when needed.

Transaction costs: Factor in transaction costs, including buying and selling

commissions, insurance, and storage fees.

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Taxes: Understand the potential tax implications of buying, holding, and selling art
and collectibles.

Investing in art and collectibles offers a unique blend of potential financial gain and
personal connection. However, it demands a strategic approach, thorough knowledge,
and a healthy dose of caution. By carefully considering your goals, conducting
extensive research, and seeking professional guidance, you can navigate this
fascinating but complex investment landscape.

 Peer to Peer lending (P2P):

Investing in peer-to-peer (P2P) lending can be an attractive way to earn passive

income while diversifying your investment portfolio. P2P lending platforms connects
individual borrowers with investors willing to lend money in exchange for interest
payments. Investors can fund a portion or a borrower’s entire loan, typically in small
increments, spreading their investment across multiple loans to reduce risk.

 Explore reputable P2P lending platforms that operate in your country or

region.
 Review borrower profiles, loan descriptions, and credit risk assessments
provided by the P2P lending platform.
 Define your investment objectives, risk tolerance, and investment time
horizon.
 Allocate capital across different borrower profiles, loan purposes, and
industries to reduce concentration risk.
 Understand the risks associated with P2P lending, including credit risk, default
risk, liquidity risk, and platform risk.

These steps can be followed when taking into consideration P2P lending.

 Cryptocurrencies:

Cryptocurrencies are digital assets designed to function as a medium of exchange that

utilize encryption techniques for security and verification. They exist outside the
control of central banks and rely on decentralized networks to maintain transaction
records. Bitcoin, the first and most well-known cryptocurrency, emerged in 2009,
prompting the development of thousands of others. While offering potential

11
advantages like faster transactions and lower fees compared to traditional systems,
cryptocurrencies are also characterized by high volatility, susceptibility to hacks and
scams, and limited regulation. Understanding the risks and complexities involved is
crucial before venturing into this dynamic and evolving space.

Cryptocurrencies are considered risky for the following reasons.

Volatility: Cryptocurrency prices are highly volatile, subject to rapid price

fluctuations driven by market speculation, regulatory developments, and technological
advancements.

Security: Cryptocurrency exchanges and wallets are vulnerable to hacking, fraud, and
theft, necessitating robust security measures and best practices.

 Real Estate Investment Trusts (REITs):

REITs, offer investors a unique opportunity to participate in the real estate market
without directly buying, managing, or financing properties. These companies pool
capital from investors and use it to acquire, own, and operate income-producing real
estate.

 To invest in REITs, open a brokerage account with access to REIT

investments.
 Research different REITs based on property types, locations, and financial
performance.
 Evaluate REITs based on factors like dividend yield, growth potential, and
management quality.
 Purchase shares of REITs through your brokerage account, either as individual
stocks or through REIT-focused exchange-traded funds (ETFs).
 Monitor your REIT investments regularly and consider reinvesting dividends
for compounded returns.

REITs can be a valuable tool for investors seeking exposure to real estate without the
complexities of direct ownership. However, it's essential to carefully consider your
risk tolerance, investment goals, and individual circumstances before investing in any
REIT.

12
  Private Debt:

Investing in private debt involves providing financing to non-public companies or

projects through various debt instruments such as loans, mezzanine financing, and
direct lending. Investors, often institutional or accredited individuals, seek fixed-
income-like returns with potentially higher yields than traditional bonds. This
segment fills a crucial gap in the financing landscape, providing capital for companies
that are:

 Too small or young to access traditional bank loans.

 Seeking alternative financing options with potentially more flexible terms.

 Experiencing temporary financial challenges but have strong long-term

prospects.

Private debt offers diversification benefits, lower correlation to public markets, and
downside protection through collateral or seniority in the capital structure. However,
it carries risks such as credit risk, liquidity risk, and default risk, requiring thorough
due diligence and risk management.

13
 Methods to Invest in Alternative Investments.

While traditional investment channels like brokerage accounts offer access to stocks,
bonds, and mutual funds, venturing into the realm of alternative investments requires
distinct strategies. Investing in alternative investments can be done through various
methods, but the 3 main methods include:

 Fund investing:

Fund investing refers to investing in a pool of assets alongside other investors, using a
fund manager who selects and manages a pool of investments using an agreed-upon
strategy. In this case, the individual investors do not control the selection of assets for
investment or their subsequent management and sale. The manager typically receives
a percentage of the investable funds (management fee) as well as a percentage of the
investment gains (incentive fee).

Compared to funds that invest in traditional asset classes, alternative investment funds
typically require investors to commit larger amounts of capital for longer periods,
provide less information on positions held and returns earned, and charge higher
management fees. A fund's term sheet describes its investment policy, fee structure,
and requirements for investors to participate.

 Co-investing:

With co-investing, an investor contributes to a pool of investment funds (as with fund
investing) but also has the right to invest, directly alongside the fund manager, in
some of the assets in which the manager invests. Compared to fund investing, co-

14
investing can reduce overall fees while benefiting from the manager's expertise. Co-
investing also can provide an investor with an opportunity to gain the skills and
experience to pursue direct investing.

For a fund manager, permitting co-investment may increase the availability of

investment funds and expand the scope and diversification of the fund's investments.

 Direct Investing:

Direct investing refers to an investor that purchases assets itself, rather than pooling
its funds with others or using a specialized outside manager. Larger, more
knowledgeable investors may purchase private companies or real estate directly. For
example, a sovereign wealth fund may have its own specialized managers to invest in
real estate, agricultural land, or companies in the venture stage.

Direct investing has advantages in that there are no fees to outside managers, and the
investor has more control over investment choices. Disadvantages include the
possibility of less diversification across investments, higher minimum investment
amounts, and greater investor expertise required evaluating deals and performing their
own due diligence.

15
 Benefits of Investing in Alternative Investments.

While traditional stocks and bonds form the backbone of many investment portfolios,
venturing into the realm of alternative investments can offer a plethora of advantages.
Discussed below are some of the advantages / benefits of investing in Alternative
investments.

 Diversification:

Alternative investments can help diversify your portfolio beyond traditional asset
classes, potentially reducing overall risk. This is because they often have low
correlation with stocks and bonds, meaning they may not move in tandem during
market downturns.

 Potential for Higher Returns:

Alternative investments often offer the potential for higher returns than traditional
assets, as they can exploit market inefficiencies, capitalize on unique opportunities,
and generate alpha through active management strategies.

 Inflation Hedging:

Certain alternative investments, like real estate and commodities, can potentially act
as a hedge against inflation. As the cost of living increases, the value of these assets
may also rise, helping to preserve purchasing power.

16
  Income Generation:

Alternative investments like real estate, private debt, and dividend-paying stocks can
provide steady income streams through rental yields, interest payments, dividends,
and distributions, offering attractive yield opportunities in a low-interest-rate
environment.

 Access to Unique Opportunities:

Alternative investments offer access to unique investment opportunities that might not
be readily available through traditional channels. This can include investing in private
companies, real estate ventures, or specialized strategies not found in the public
markets.

 Portfolio Customization:

Alternative investments enable investors to tailor their portfolios to specific

investment objectives, risk tolerance, and preferences, allowing for greater
customization and alignment with individual financial goals.

 Long-Term Growth Potential:

Many alternative investments, such as private equity, have the potential for long-term
capital appreciation. By investing in promising companies or ventures, you can
potentially benefit from their growth over time.

 Non-Correlated Returns:

Alternative investments often exhibit low correlation with traditional asset classes,
meaning they may perform differently in various market conditions, providing
valuable portfolio diversification and risk reduction benefits.

 Potential for Impact Investing:

Some alternative investments align with environmental, social, and governance (ESG)
principles, allowing you to invest in companies or projects that contribute to positive
social and environmental impact alongside potential financial returns.

17
  Innovative Investment Opportunities:

Alternative investments provide access to innovative investment opportunities,

including blockchain technology, cryptocurrencies, biotechnology, and disruptive
startups, allowing investors to capitalize on emerging trends and technological
advancements.

 Passion-Driven Investing:

Certain alternative investments, like art or collectibles, can allow you to combine your
passion with investment potential. While not suitable for everyone, these options can
provide a unique experience for some investors.

 Tangible Asset Ownership:

Investing in real estate or other tangible assets can offer a sense of ownership and
potential control over your investments, appealing to some investors who prefer
tangible assets over abstract financial instruments.

Although the benefits of investing in Alternative investments look lucrative and eye
catching, investing in them can be highly risky and requires sheer knowledge and
understanding in the field of finance, without which, investing may lead to potential
monetary losses.

18
 Alternative Investments Performances and Returns.

While not as widely discussed as traditional assets like stocks and bonds, alternative
investments play a significant role in the financial landscape. Understanding their
characteristic returns is crucial for investors considering exploring them.

Here is what alternative investments brings to the table.

 Private Equity Returns:

Private equity investments have historically delivered strong returns, driven by

operational improvements, strategic acquisitions, and exits through IPOs or
acquisitions.

 Hedge Fund Performance:

Hedge funds aim to achieve positive absolute returns regardless of market conditions,
utilizing various strategies such as long-short equity, event-driven, and global macro.

 Real Estate Returns:

Real estate investments offer attractive returns through rental income, capital
appreciation, and tax advantages, providing stable cash flows and long-term growth
potential.

19
  Venture Capital Returns:

Venture capital investments target high-growth startups with the potential for
significant returns, albeit with higher risk due to the early-stage nature of investments.

 Private Debt Yield:

Private debt investments, including direct lending and mezzanine financing, offer
attractive yields compared to traditional fixed-income securities, reflecting the risk of
lending to non-public companies.

 Commodities Performance:

Commodities provide diversification benefits and serve as inflation hedges, with

returns influenced by supply-demand dynamics, geopolitical events, and
macroeconomic factors.

 Infrastructure Investments:

Infrastructure investments offer stable, long-term returns through essential services

like transportation, energy, and utilities, often backed by predictable cash flows and
government contracts.

 Collectibles Appreciation:

Collectibles such as art, wine, and classic cars can appreciate significantly over time,
driven by rarity, historical significance, and demand from collectors and investors.

 Cryptocurrency Volatility:

Cryptocurrencies exhibit high volatility, with the potential for significant returns but
also substantial risk due to regulatory uncertainty, market sentiment, and
technological developments.

 Alternative Investment Funds:

Alternative investment funds, including real estate funds, private equity funds, and
hedge funds, aim to deliver consistent returns through diversified portfolios and active
management strategies tailored to specific asset classes and market opportunities.

20
  Risk-Adjusted Returns:

Alternative investments aim to provide attractive risk-adjusted returns by balancing

risk and reward through various strategies.

 Non-Correlated Returns:

Alternative investments provide non-correlated returns, meaning they may perform

differently from stocks and bonds, enhancing portfolio stability.

 Alpha Generation:

Alternative investments seek to generate alpha, or excess returns above a benchmark,

through skillful investment selection and active management.

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 Alternative Investments Strategies.

In the current environment, strategies that worked before may not be effective. Even
the most seasoned investors face challenges in the current environment. The U.S.
economy is coming off one of the most aggressive monetary-policy tightening
campaigns, in which the Federal Reserve raised interest rates by about 5 percentage
points in just about a year. Investors face uncertainty around the path of the economy
and the likelihood and severity of a recession.

In such an environment, where traditional investing playbooks may be less effective

than previously, alternative investments can play an important strategic role in certain
portfolios.

Here are six strategies that can guide investors’ thinking on alternative investing in
the near to intermediate term.

 Seeking investments that provide alternatives to fixed income.

The coming years are likely to feature higher interest rates and inflation than in prior
economic cycles. That could be a headwind to stocks and bonds, and correlation
between the two asset classes may stay elevated. This means that bonds, which would
typically hedge portfolios against stock-market volatility, may not be as effective in
that role.

As an alternative to bonds, investors should consider hedge fund strategies that have
historically offered low correlation to traditional asset classes, such as relative value
and equity market neutral. This was apparent during market turbulence in 2022 and is
expected to persist.

22
  Reaching for excess return using appropriate hedge funds.

Hedge funds can be used not only as a replacement for bonds, but also for stocks or a
mix of stocks and bonds. Certain strategies are considered potential “equity return
enhancers.” Equity long/short, for instance, can involve both “long” positions,
meaning holding a stock in the expectation it will rise in value, and “short” positions,
and selling a borrowed security with the expectation of buying it later at a lower price.

In particular, for what we expect to be a higher-volatility environment ahead, the use

of certain options-based strategies, such as those that sell call options against a
portfolio of stocks, can help enhance yield and support investors at the portfolio level.
Of course, when investing in hedge funds, strategy and manager selection are key,
given how significantly different fund performance can be.

 Capturing value in private markets with secondaries.

The private secondary market, which has grown significantly in recent years, allows
investors to buy and sell an existing interest or asset from primary investors. For
example, a primary private equity fund may purchase a stake in a private company,
and then sell that interest to a secondary buyer.

Public-market volatility and a relatively sluggish pace of private-deal exit activity

have created a favorable case for secondaries. This setup is providing opportunities to
both the investors who commit capital, known as limited partners (LPs), and the
private equity funds’ general partners, who pick and manage the investments. LPs
may lean on the secondary market to rebalance their exposures to different
investments, and GPs may use secondaries to help restructure their funds. On this
score, investors should look for managers that have strong underwriting expertise and
a range of deal experience.

 Finding opportunity in health care innovation.

As a sector, health care is currently benefiting as biological and technological

advances stimulate innovation and disrupt business models. These trends augur well
for various alternative strategies. For one, within private equity, investors may
consider managers who focus on late-stage companies that can generate compelling
risk-adjusted returns. There is also potential opportunity in private real estate

23
strategies that focus on niche sub-sectors, such as medical office and life sciences
properties.

 Looking for complementary sources of return in private credit.

Private credit, which can include various strategies investing in corporate debt, may
also help boost income and total return. In particular, direct lending, a form of
financing in which a lender other than a bank makes loans to companies, can help
hedge against rising rates given the floating-rate nature of most direct loans.

In addition, asset-based lending may provide above-market yields and serve as a

complement to other alternative investments. Asset-based strategies lend money using
financial or hard assets as collateral. They can provide exposure to a diversified pool
of assets, such as real estate debt, consumer credit, intellectual property and
equipment leases. Asset-based lending also tends to be resilient in rising-rate
environments given the strategy’s amortizing nature, which can lower the book value
of the loan over time, and relatively short duration.

 Finding value in corporate stress

Companies have maintained a relatively low default rate in the recent past, thanks in
large part to easy access to financing. But given the Fed’s rapid interest-rate hikes so
far, and the potential for rates and inflation to stay elevated, the pressure on the
economy could weigh on businesses that are over-leveraged. This environment could
see a credit market dislocation and individual corporate situations that have an
element of distress.

We believe “distressed debt” and “special situations” investing strategies which

typically acquire stakes in a struggling company at a discount, with the intention of
generating a profit as they turn the company around may be in a position to find value
in these pockets of stress. The key for investors will be to find managers that target
companies with unsustainable balance sheets but ultimately sound business models.

24
 Challenges in Investing in Alternative Investments.

While alternative investments offer enticing opportunities for diversification, potential

for higher returns, and unique exposure to specific assets, venturing into this kingdom
presents distinct challenges compared to traditional investments like stocks and
bonds. Understanding these hurdles is crucial for informed decision-making before
exploring this intriguing but complex investment landscape.

 Regulatory and Compliance Risks:

Alternative investments are subject to less regulatory oversight compared to

traditional securities, exposing investors to regulatory and compliance risks. Changes
in regulations, tax laws, or market conditions can impact the legality and profitability
of alternative investments.

 Higher Risk Profile:

Alternative investments often carry higher levels of risk compared to traditional assets
like stocks and bonds. Factors such as illiquidity, leverage, market volatility, and
manager skill can contribute to increased risk and potential losses.

25
  Complexity and Opacity:

Alternative investments can be complex and opaque, making it challenging for

investors to understand their underlying strategies, risks, and performance. Lack of
transparency and disclosure requirements may hinder investors' ability to conduct
thorough due diligence.

 Lack of Liquidity:

Many alternative investments, such as private equity, hedge funds, and certain real
estate investments, have limited liquidity compared to publicly traded assets. Exiting
these investments can be challenging and may involve lock-up periods or significant
transaction costs.

 Manager Selection and Due Diligence:

Identifying skilled managers and conducting comprehensive due diligence are critical
challenges in alternative investments. Evaluating track records, investment strategies,
fee structures, and alignment of interests can be time-consuming and resource-
intensive.

 Market and Economic Uncertainty:

Alternative investments are exposed to market and economic uncertainties, including

geopolitical events, regulatory changes, and macroeconomic trends. These factors can
affect asset valuations, liquidity, and investor sentiment, impacting investment
performance.

 Fee Structures and Costs:

Alternative investments often entail higher fees and expenses compared to traditional
assets, including management fees, performance fees, and carried interest. These costs
can erode returns and reduce the attractiveness of alternative investments, particularly
in low-return environments.

26
  Reliance on Professional Expertise:

Due to the complexities involved, successfully navigating the alternative investment

landscape often requires specialized knowledge and experience. This may necessitate
consulting with qualified financial advisors or investment professionals who
understand the specific asset class and its associated risks and benefits.

 Difficulty in Performance Evaluation:

Non-Standardized Performance Metrics: Unlike traditional assets with readily

available performance metrics, evaluating the performance of alternative investments
can be challenging. This is due to the lack of standardization in reporting metrics and
the complex nature of many alternative investment strategies.

J-Curve Effect: Some alternative investments, like hedge funds employing certain
strategies, may exhibit a J-curve effect in their performance. This means they might
experience negative returns initially before potentially generating positive returns in
the longer term. This can be challenging for investors to understand and may require
patience and a long-term investment horizon.

 Emotional Challenges and Investment Discipline:

Overconfidence and Overexposure: The potential for higher returns can lead to
overconfidence and overexposure to alternative investments, exceeding risk tolerance
levels. Maintaining investment discipline and sticking to a well-defined portfolio
allocation strategy is crucial in this space.

Psychological Impact of Volatility: The high volatility associated with many

alternative investments can be emotionally challenging for investors. Managing these
emotions and adhering to a long-term investment plan is crucial

27
 Risks Of Investing In Alternative Investments.

The world of investments, while offering the potential for financial growth, carries
inherent risks that can lead to losses. These risks can vary significantly depending on
the specific investment chosen, your investment goals, and your personal risk
tolerance. Here are some key aspects of alternative investments risk to consider:

 Higher Entry Barriers:

Minimum Investment Requirements, Unlike traditional investments with lower entry

points, many alternative investments require substantial minimum investments. This
can limit accessibility for individual investors with limited capital, potentially
excluding them from potentially lucrative opportunities.

 Illiquidity Risk:

Alternative investments often lack liquidity, meaning they cannot be easily bought or
sold on public exchanges. This lack of liquidity can result in challenges when
investors need to access their capital quickly, potentially leading to delays or
unfavorable pricing.

28
  Volatility and Market Risk:

Alternative investments, such as commodities, cryptocurrencies, and hedge funds, can

exhibit high volatility and price fluctuations compared to traditional assets. Market
risk arises from factors such as economic conditions, geopolitical events, regulatory
changes, and investor sentiment, impacting the value of alternative investments.

 Complexity Risk:

Alternative investments can be complex and opaque, involving intricate structures,

strategies, and underlying assets. Investors may struggle to fully understand the
investment's characteristics, risks, and performance drivers, leading to suboptimal
decision-making and increased vulnerability to losses.

 Lack of Transparency:

Alternative investments often operate in less regulated or opaque markets, limiting

investors' access to information and transparency. Limited disclosure, valuation
methodologies, and reporting standards can obscure the true performance and risk
profile of alternative investments, increasing uncertainty and investor skepticism.

 Regulatory and Legal Risks:

Alternative investments operate within a complex regulatory environment

characterized by evolving regulations, compliance requirements, and legal constraints.
Regulatory changes, enforcement actions, litigation, and legal disputes can impact the
legality, profitability, and viability of alternative investments, posing risks to
investors.

 Managerial and Operational Risk:

Alternative investments, particularly those managed by external managers or funds,

are exposed to managerial and operational risks. Poor investment decisions, conflicts
of interest, mismanagement, fraud, and operational failures can undermine investment
performance and erode investor trust.

29
 Role Of Alternative Investments In Financial System.

 Access to Unique Opportunities:

Specialized Markets and Strategies: Alternative investments offer exposure to

specialized markets and investment strategies not readily available through traditional
channels. This includes areas like private equity, venture capital, real estate, hedge
funds, and commodities. These unique opportunities can potentially enhance portfolio
returns and cater to specific investor preferences.

 Risk Management and Hedging:

Tailored Strategies for Risk Mitigation: Certain alternative investments, like some
hedge funds, employ sophisticated strategies designed to mitigate specific risks faced
by investors. These strategies can offer hedging opportunities and potentially protect
portfolios from adverse market conditions.

However, it's essential to consider the inherent complexities of alternative

investments:

Higher Risks and Complexity: Compared to traditional investments, alternative

assets often carry higher risks due to factors like lower liquidity, information
asymmetry, and complex structures. Understanding these risks and conducting
thorough due diligence is crucial before investing.

30
Limited Accessibility and Regulation: Some alternative investments have higher
minimum investment requirements and may be restricted to accredited investors,
limiting accessibility for certain individuals. Additionally, the regulatory landscape
surrounding alternative investments can be complex and vary across jurisdictions.

 Improved Market Efficiency:

Price Discovery and Liquidity: Alternative investments can contribute to improved

market efficiency by providing additional sources of price discovery and liquidity.
They can offer valuable insights into the underlying value of assets that may not be
fully reflected in traditional markets. Additionally, some alternative investments like
hedge funds can actively participate in various markets, potentially enhancing
liquidity and facilitating smoother price adjustments.

 Innovation and Entrepreneurship:

Alternative investments support innovation and entrepreneurship by providing capital

and resources to startups, small businesses, and innovative projects. Venture capital
investments, for example, fuel the growth of new technologies, products, and services,
while private equity investments support the expansion and development of
established companies. By fostering innovation and entrepreneurship, alternative

31
investments contribute to economic growth, job creation, and technological
advancement.

In conclusion, alternative investments play a critical role in financial markets by

offering diversification, risk management, and potential returns beyond traditional
asset classes. By incorporating alternative investments into their portfolios, investors
can achieve greater diversification, enhance risk-adjusted returns, and capitalize on
unique opportunities across a wide range of asset classes and investment strategies.
However, it's essential for investors to conduct thorough due diligence, assess risks
carefully, and seek professional advice to ensure that alternative investments align
with their investment objectives and risk tolerance.

 Economic Growth and Innovation:

Funding for Emerging Companies and Projects: Alternative investments, like private
equity and venture capital, play a crucial role in funding early-stage companies and
innovative projects. This facilitates economic growth by providing critical capital for
businesses to develop, scale, and creates jobs.

32
 Research Methodology.

Objectives.

This research has been done to accomplish the following objectives:

 To know what are general people’s investment options.

 To understand the knowledge of people about investments and alternative
investments.
 To know how well people are aware about alternative investment options.
 To gain information about why and how to invest in alternative investment
options.

Research Design.

The research done gives us a vast and clear picture about alternative investments
options, its risks, advantages, disadvantages, impact and a lot more. This research
explores everything about alternative investments and gives a idea about what should
be done when it comes to investments other than traditional investments.

Sample Size.

 Sample size is 101.

 Population sampling is taken into consideration, which means, the whole data
is being taken as a sample.

Sources of Data.

There are two sources through which data is collected:

Primary Data: Primary data is collected by a survey through preparing a

questionnaire. Sample size of 101 individuals living in Mumbai has been considered.
The primary data has been collected for analysis through survey.

Secondary Data: Secondary data has been collected through the books of CFA
course and few sites on the internet.

33
 Data Analysis And Interpretation.

Q1) Age.

INTERPRETATION.

 84.2% people who took the survey were of age 19-24.

 5% people who took the survey were of age 25-30.
 3% people who took the survey were of age 31-36.
 7.9% people who took the survey were of age 37 and/above.

34
Q2) Educational Background.

INTERPRETATION.

 27.7% of people who took the survey were 12th clear.

 63.4% of people who took the survey have Bachelor’s degree.
 5.9% of people who took the survey have Master’s degree.
 6% of people who took the survey have Professional degree.

35
Q3) Employment status.

INTERPRETATION.

 72.3% of people who took the survey are students.

 19.8% of people who took the survey are employees.
 6.9% of people who took the survey are freelancers.
 1% people who took the survey are businessmen.

36
Q4) Annual income.

INTERPRETATION.

 81.2% people have annual income of 6-10 Lakhs.

 9.9% people have annual income of 11-15 Lakhs
 5% people have annual income of 16-21 Lakhs
 4% people have annual income of 22 Lakhs and above

37
Q5) How familiar are you with alternative investments?

INTERPRETATION.

 21.8 % people are Very Familiar with Alternative Investments.

 42.6% people are Somewhat Familiar with Alternative Investments.
 23.8%people are not Very Familiar with Alternative Investments.
 21.8% people are Not Familiar at all with Alternative Investments.

38
Q6) Have u heard about any of the following alternative investments?

INTERPRETATION.

 40.6% of people who took the survey know about Derivatives.

 69.3% of people who took the survey know about Private Equity.
 23.8% of people who took the survey know about CIS.
 30.7% of people who took the survey know about Commodities.

39
Q7) What are your primary investment objectives if considering investing in
alternative investments?

INTERPRETATION.

 34.7% portion of people who took part in the survey believe that their primary
investment objective is Capital Preservation.
 58.4% portion of people who took part in the survey believe that their primary
investment objective is Income Generation.
 29.7% portion of people who took part in the survey believe that their primary
investment objective is Capital Appreciation.
 20.8% portion of people who took part in the survey believe that their primary
investment objective is Diversification.

40
Q8) How would you describe your risk tolerance?

INTERPRETATION.

 16.8% People have High Risk Tolerance.

 46.5% People have ModerateRisk Tolerance.
 28.7% People have Low Risk Tolerance.
 7.9% People have Very Low Risk Tolerance.

41
Q9) What do you prefer when investing in alternative investments?

INTERPRETATION.

 6.9% of the public prefer Short Term Gains when investing in alternative
investments.
 33.7% of the public prefer Long Term Gains when investing in alternative
investments.
 44.6% of the public prefer Both Short Term Gains and Long Term Gains when
investing in alternative investments.
 14.9% of the public are still not sure about what they prefer when investing in
alternative investments.

42
Q10) What percentage of your investment portfolio are you considering allocating to
alternative investments?

INTERPRETATION.

 28.7% people consider allocating Less than 10 % of their investment portfolio

to alternative investments.
 48.5% people consider allocating 10% - 25% of their investment portfolio to
alternative investments.
 16.8% people consider allocating 25% - 50% of their investment portfolio to
alternative investments.
 5.9% people consider allocating More than 50% of their investment portfolio
to alternative investments.

43
Q11) How do you typically research and evaluate alternative investment
opportunities?

INTERPRETATION.

 43.6% people typically research and evaluate alternative investment

opportunities through Conducting Their Own Research.
 17.8%peopletypically research and evaluate alternative investment
opportunities through News.
 22.8%peopletypically research and evaluate alternative investment
opportunities through Recommendations from Friends.
 15.8%peopleare not sure about researching and evaluating alternative
investment opportunities.

44
Q12) What criteria are most important to you when selecting alternative investments?

INTERPRETATION.

 52.5% people consider Potential Returns as the most important criteria when
selecting alternative investments opportunities.
 20.8% people consider Liquidity as the most important criteria when selecting
alternative investments opportunities.
 15.8% people consider Diversification as the most important criteria when
selecting alternative investments opportunities.
 10.9% people consider Regulatory oversight as the most important criteria
when selecting alternative investments opportunities.

45
Q13) Are you comfortable with potentially illiquid investments that may require a
longer holding period?

INTERPRETATION.

 11.9% people are Very Comfortable with potentially illiquid investments

that may require a longer holding period.
 50.5%people are Somewhat Comfortable with potentially illiquid
investments that may require a longer holding period.
 27.7%people are Not very Comfortable with potentially illiquid
investments that may require a longer holding period.
 9.9%people are Not Comfortable at all with potentially illiquid
investments that may require a longer holding period.

46
Q14) How familiar are you with the regulations of alternative investments?

INTERPRETATION.

 8.9% people are Very Familiar with the regulations of alternative investments.
 42.6%people Somewhat Familiar with the regulations of alternative
investments.
 34.7%people Not Very Familiar with the regulations of alternative
investments.
 13.9% people Not Familiar at all with the regulations of alternative
investments.

47
Q15) Are you investing independently or through a financial adviser?

INTERPRETATION.

 37.6% people invest through a Independently.

 11.9% people invest through a Financial Advisor.
 18.8% people invest Independently and with the help of a Financial Advisor.
 31.7% people Don’t Invest.

48
Q16) How often do you involve yourself in topics / research related to alternative
investments?

INTERPRETATION.

 17.8% People involve themselves Very Often in topics / research related to

alternative investments.
 32.7%People involve themselves Somewhat Often in topics / research related
to alternative investments.
 24.8%People involve themselves Occasionally in topics / research related to
alternative investments.
 24.8% People involve themselves Rarely in topics / research related to
alternative investments.

49
Q17) Are you interested in alternative investments for their potential to hedge against
inflation?

INTERPRETATION.

 23.8% people believe they are Definitely interested in alternative

investments for their potential to hedge against inflation.
 44.6% people believe they are Somewhat interested in alternative
investments for their potential to hedge against inflation.
 15.8% people believe they are Not Really interested in alternative
investments for their potential to hedge against inflation.
 15.8% people believe they are Not At All interested in alternative
investments for their potential to hedge against inflation.

50
Q18) Select the Alternative Investments which you are/will be looking forward to
invest in.

INTERPRETATION.

 62 People look forward to invest in Private Equity.

 24 People look forward to invest in Venture Capital.
 14 People look forward to invest in Hedge Funds.
 31 People look forward to invest in Commodities.
 12 People look forward to invest in Art and Collectibles.
 10 People look forward to invest in Peer to Peer Lending.
 25 People look forward to invest in Cryptocurrencies.
 30 People look forward to invest in REITs.
 26 People look forward to invest in Agricultural Land.
 13 People look forward to invest in Private Debt.

51
 Conclusion.

While traditional asset classes like stocks and bonds remain crucial building blocks
for a well-diversified portfolio, alternative investments offer unique opportunities to:

 Enhance returns:

Many alternative investments have historically delivered higher returns than

traditional assets, although this potential comes with the risk of higher volatility.

 Reduce portfolio risk:

Alternatives can offer diversification benefits, potentially mitigating risk by having a

low correlation with traditional assets during market downturns.

 Access unique asset classes:

They provide exposure to areas not readily accessible through traditional channels,
such as real estate, private equity, or infrastructure.

However, some important considerations would be:

 Higher investment minimums:

Most alternative investments require larger initial investments compared to stocks and
bonds, potentially limiting access for smaller investors.

 Reduced liquidity:

Many alternatives are illiquid, meaning they can be difficult to buy and sell quickly,
requiring longer investment horizons.

 Higher fees:

Management fees for alternative investments can be higher than those associated with
traditional assets, impacting overall returns.

52
  Increased complexity:

Understanding the risks and unique characteristics of individual alternative

investments can be challenging for some investors.

Therefore, thorough due diligence and professional guidance are crucial before
incorporating alternative investments into a portfolio. Investors should:

 Assess their risk tolerance and investment goals:

Alternatives are not suitable for everyone, and their risk profile needs to be carefully
considered.

 Conduct comprehensive research:

Understand the specific characteristics and risks of each alternative investment under
consideration.

 Seek professional advice:

Consult with a qualified financial advisor who can provide personalized guidance
based on individual circumstances.

As the world of alternative investments continues to evolve, their potential role in

diversifying and enhancing portfolios is likely to expand. By carefully considering the
specific advantages, limitations, and risks involved, investors can determine if
incorporating alternative investments aligns with their long-term financial goals and
risk tolerance.

53
 Recommendations.

Alternative investments are different from normal investments such as stocks, bonds,
mutual funds, etc. Not everyone can easily invest in Alternative Investments.

There are numerous Alternative Investments options to get going with apart from the
old traditional investments. Some of them are:

 Private Equity
 REITs
 Commodities
 Hedge funds
 Cryptocurrencies
 Art and collectibles
 Peer-to-Peer lending

Before investing in alternative assets, it's crucial to thoroughly research each option,
understand the associated risks, and consider consulting with a financial advisor to
ensure they align with your investment goals and risk tolerance.

Negligence of risk, irresponsible way of investments and lack of knowledge, may lead
to huge monetary losses.

54
 Bibliography.

Websites:

 [Link]
 [Link]
 [Link]
 [Link]

55
 Annexure.

Age.

o 19-24
o 25-30
o 31-36
o 37 or above

Educational Background.

o 12th clear
o Bachelor's degree
o Master's degree
o Professional degree

Employment status.

o Student
o Employee
o Freelancer
o Businessman

Annual income.

o 6-10 lakhs
o 11-15 lakhs
o 16-21 lakhs
o 22 lakhs and above

How familiar are you with alternative investments?

o Very familiar
o Somewhat familiar
o Not very familiar
o Not familiar at all

56
Have u heard about any of the following alternative investments?

o Derivatives
o Private equity
o Collective Investment Schemes (CIS)
o Commodities

What are your primary investment objectives if considering investing in alternative

investments?

o Capital preservation
o Income generation
o Capital appreciation
o Diversification

How would you describe your risk tolerance?

o High risk tolerance

o Moderate risk tolerance
o Low risk tolerance
o Very low risk tolerance

What do you prefer when investing in alternative investments?

o Short-term gains
o Long-term growth
o Both
o Not sure

What percentage of your investment portfolio are you considering allocating to

alternative investments?

o Less than 10%

o 10% to 25%
o 25% to 50%
o More than 50%

57
How do you typically research and evaluate alternative investment opportunities?

o Conduct my own research

o News
o Recommendations from friends
o Not sure

What criteria are most important to you when selecting alternative investments?

o Potential returns
o Liquidity
o Diversification
o Regulatory oversight

Are you comfortable with potentially illiquid investments that may require a longer
holding period?

o Very comfortable
o Somewhat comfortable
o Not very comfortable
o Not comfortable at all

How familiar are you with the regulations of alternative investments?

o Very familiar
o Somewhat familiar
o Not very familiar
o Not familiar at all

Are you investing independently or through a financial adviser?

o Independently
o Through a financial advisor
o Both
o I don't invest

58
How often do you involve yourself in topics / research related to alternative
investments?

o Very often
o Somewhat often
o Occasionally
o Rarely

Are you interested in alternative investments for their potential to hedge against
inflation?

o Yes, definitely
o Yes, somewhat
o No, not really
o No, not at all

Select the Alternative Investments which you are/will be looking forward to invest in.

o Private Equity (PE)

o Venture Capital (VC)
o Hedge Funds
o Commodities
o Art and Collectibles
o Peer-to-Peer (P2P) Lending
o Crypto currencies
o REITs (Real Estate Investment Trusts)
o Agricultural Land
o Private Debt

59
Plagiarism Report.

60