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CFA > Alternative Invesmtents > Flashcards

Alternative Invesmtents Flashcards

1
Q

Recapitalization

A

not a true exit strategy as the private equity firm typically maintains control.

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2
Q

Mortgage REITs make loans

A

secured by real estate but generally do not own or operate real estate

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3
Q

Master limited partnerships

A

are similar to REITs but they trade on exchanges rather than over-the-counter

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4
Q

Real estate investment includes two major sectors

A

Two main sectors are residential and commercial.

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5
Q

commercial real estate investment was traditionally seen as an appropriate investment

A

for institutional funds and high net worth investors with long time horizons and limited liquidity needs

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6
Q

commodity prices

A

correlate positively w inflation

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7
Q

contango market

A

future prices are higher than the cash price

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8
Q

Futures price

A

= Spot price (1+r) + Storage costs – Convenience yield

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9
Q

Commodities

A

> Returns are based on price changes rather than income streams
Most trading of commodities is via derivatives
Have historically behaved differently to stocks and bonds during the business cycle. > This offers diversification benefits

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10
Q

Market neutral and short bias can both make use of

A

technical and fundamental analysis

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11
Q

Digital assets derive their price

A

from an anticipated asset appreciation from a perceived scarcity value (due to limitations on the total supply of currency) and the potential ability to transfer value in the future (due to unique features in the underlying algorithms that may facilitate certain types of financial transactions).

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12
Q

stablecoin

A

An altcoin designed to maintain a stable value by linking their value to another asset and are collateralized by a basket of assets

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13
Q

enterprise value of a company

A

Market capitalisation + market value of debt - cash

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14
Q

In a two-tier structure

A

> management board run the company but are supervised by the supervisory board.
supervisory board is mainly comprised of non-executive directors whilst the management board is composed of executive directors.

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15
Q

The audit function is designed

A

> to mitigate instances of fraud as well as misstatements of accounting and financial information
external auditors are usually recommended by the Audit Committee and typically conduct annual audits

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16
Q

nominations committees

A

> Recruiting new Board members with appropriate qualities and experience in light of the company’s business needs, and preparing for the succession of executive management and the Board
responsible for creating nominations policies and procedures and regularly examining the performance, independence, skills and expertise of existing board members to determine whether they meet both present and future company needs

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17
Q

Introduction to Alternative Investments

A

Introduction to Alternative Investments
* Alternative investments is a label for a disparate group of investments that are
distinguished from long-only publicly traded investments in stocks, bonds, and
cash (often referred to as traditional investments)
* Features that may distinguish alternative investments include the following:
- The requirement for specialised knowledge to value cash flows and risks
- Typically low correlation of returns with more traditional asset classes
- Illiquidity, long investment time horizons, and large capital outlays
* The above features lead to the following alternative investment characteristics:
- Different investment structures due to the challenges of direct investment
- Incentive-based fees to address/minimise information asymmetry between managers
and investors
- Performance appraisal challenges

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18
Q

Private capital

A
  • Private equity firms invest in companies that are not listed on a public exchange
  • LBO/Venture capital
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18
Q

Natural resources

A
  • Commodities
  • Agricultural land and timberland
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18
Q

Hedge funds

A
  • Private investment vehicle
  • May employ long and short positions
  • Often highly leveraged
  • Often aim to deliver an absolute return
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19
Q

Real estate

A
  • Direct or indirect
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20
Q

Infrastructure

A
  • Capital intensive, long lived, real assets, e.g. roads, bridges
  • Increasingly the private sector is investing in infrastructure assets
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21
Q

Others

A
  • Investing in tangible assets, e.g. fine wine, art
  • Investing in intangible assets, e.g. patents
  • Digital assets e.g. cryptocurrencies and tokens
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22
Q

Fund investing
Advantages
Disadvantages

A

Advantages
> Fund managers offer investment services and expertise
> Lower level of investor involvement compared with direct and co-investing methods
> Access to alternatives investments without possessing a high degree of investment expertise
> Potentially valuable diversification benefits
> Lower minimum capital requirements

Disadvantages
> Costly management and performance fees
> Investor must conduct due diligence when selecting the right fund because of the wide dispersion of fund manager
returns

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23
Q

Investment Methods
Co-investing
Advantages
Disadvantages

A

Advantages
> Investor can learn from the fund’s process to become better at direct investing
> Reduced management fees
> Allows more active management of the portfolio compared with fund investing and allows a deeper relationship with the manager

Disadvantages
> Reduced control over the investment selection process compared with direct investing
> May be subject to adverse selection bias
> Requires more active involvement compared with fund investing which can be challenging if resources and due
diligence experience are limited

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24
Q

Investment Methods
Direct investing
Advantages
Disadvantages

A

Advantages
> Avoids paying ongoing management fees to an external manager
> Greatest amount of flexibility for the investor
> Highest level of control over how the asset is managed

Disadvantages
> Requires more investment experience and a higher level of financial sophistication compared with the other methods resulting in higher internal investment costs
> Less access to a fund’s ready diversification benefits or the fund manager’s sourcing network
> Requires greater levels of due diligence because of the absence of a fund manager
> Higher minimum capital requirements

25
Q

Investment and Compensation Structures

A
  • In the world of alternative investments, partnership structures are common
  • The GP runs the business and, in theory, bears unlimited liability and may run many funds at the same time
  • The LPs are passive investors and are generally accredited investors
  • LPs commit to future investments and the upfront cash outflow might only be a small portion of their total commitment to the fund
26
Q

Investment and Compensation Structures
Investment structures

A
  • The partnership between the GP and LPs is governed by a limited partnership agreement (LPA)
  • A legal document that outlines the rules of the partnership
  • LPAs vary in length and complexity and may contain provisions and clauses
  • In addition to LPAs there may be side letters, which are side agreements created between the GP and a certain number of LPs, that exist outside the LPA
  • A side letter may include some of these clauses or details:
  • Potential additional reporting due to an LP’s unique circumstances
  • First right of refusal and other similar clauses that apply to selected LPs
  • Notice requirements in the event of litigation, solvency, and related matters
  • Most favoured nation clauses, such as agreeing that if similar LPs pay lower fees they will be offered to the LP
  • Certain structures are commonly adopted for specific alternative investments
  • For example, infrastructure investors often enter into public-private partnerships
27
Q

Investment and Compensation Structures
Compensation structures

A
  • Funds generally have a management fee
  • Typically 1–2% based on assets under management for hedge funds or committed capital for private equity funds
  • Private equity funds charge the management fee based on committed capital NOT invested capital
  • The committed capital is often fully invested after between three and five years
  • Additionally they have a performance/incentive fee (hedge funds) or carried interest (private equity funds) which is based on excess returns
  • The partnership agreement will generally state that the performance fee is subject to a hurdle rate, typically 8%, which might be a hard or soft hurdle
  • Hurdle rates are less common with hedge funds
  • In addition to the above fees, LBO firms in private equity might charge consulting and monitoring fees
28
Q

Investment and Compensation Structures
Common investment clauses, provisions, and contingencies
High water mark
Waterfall
Clawback

A
  • High water mark
  • Highest value a fund has achieved net of fees
  • Common with hedge funds
  • Requires the hedge fund manager to recoup losses before further incentive fees are paid
  • An issue around this is that investors enter the fund at different times
  • If you buy in a dip then you might be subject to an incentive fee when other investors are not because your high watermark might be very different
  • Waterfall
  • A waterfall is the distribution method that defines the order in which allocations are made to LPs and GPs
  • GP returns are proportionately higher relative to their initial investment which incentivizes them to maximize profitability
  • Deal-by-deal (or American) waterfall – GPs receive performance fees deal-by-deal which means they get paid before LPs have received their investment back plus their hurdle rate on their full investment
  • Whole-of-funds (or European) waterfall – all distributions go to LPs as deals are exited and the GP does not participate until the LPs have received all of their original investment plus the hurdle rate on the full investment
  • Clawback
  • A clawback provision reflects the right of LPs to reclaim part of the GP’s performance fee
  • Clawback provisions are usually activated when a GP exits successful deals early on but incurs losses on deals later in the fund’s life
29
Q

Alternative Investment Performance
Comparability with Traditional Asset Classes

A
  • Alternative investments are customised with distinctive features which complicate performance appraisal between investments and across asset classes. These include:
  • The timing of cash inflows and outflows for specific investments
  • The use of borrowed funds
  • The valuation of individual portfolio positions over specific phases of the investment life cycle, and
  • More complex fee structures and tax and accounting treatment
30
Q

Alternative Investment Performance
Performance Appraisal and Alternative Investment Features

A
  • When appraising alternative investments, four areas to focus on include:
    1. Life cycle phase of the investment
    2. Use of borrowed funds to maintain the market position
    3. Valuation of the assets
    4. Fee structure of the fund
31
Q

Alternative Investment Performance
1. Investment Life Cycle

A

Alternative Investment Performance
1. Investment Life Cycle
* Alternative investments usually involve a longer investment life cycle with distinct phases characterized by net cash outflows and inflows that complicate periodic return comparisons.
* Life cycle phases and timing vary across alternative investment types but generally fall into three distinct periods:
- Capital commitment:
* Identify and select appropriate investments with either an immediate or a delayed commitment of capital (known as a capital call).
* Returns are usually negative over this phase because fees and expenses are immediately incurred prior to capital deployment and assets may generate little or no income during this first phase
- Capital deployment:
* Managers deploy funds to stimulate initiate the value creation process
* Cash outflows typically exceed inflows, with management fees further reducing returns
- Capital distribution:
* If the investments are successful, the underlying assets appreciate in price and/or generate income in excess of costs, causing fund returns to accelerate.
* The fund may realize substantial capital gains from liquidating or exiting its investments, which may involve an initial public offering (IPO) for venture capital

  • The so-called J-curve effect (because it resembles the letter J) shown below:
  • There is an initial negative return in the capital commitment phase followed by an acceleration of returns through the capital deployment phase
  • Returns often level off as capital is distributed to investors, investments are sold, and the fund is closed
  • As a general rule, the best way to start evaluating such investments is with the IRR
  • The IRR will take into account the respective cash flows into an investment and the timing thereof, versus the magnitude and the timing of the cash flows returned
    by the investment (inclusive of tax benefits)
  • The use of the IRR would be relevant for an independent, fixed-life private equity fund, where the decisions to raise money, take money in the form of capital calls, and distribute proceeds are all at the discretion of the private equity manager
  • Assumptions regarding the opportunity cost of outgoing cash flows and the reinvestment rate for incoming cash flows will affect the results
  • Because of this complexity, a shortcut methodology often used by both private equity and real estate managers involves simply citing a multiple of invested capital (MOIC), or money multiple, on total invested capital (which is paid-in
    capital less management fees and fund expenses)

MOIC = (Realized value of investment + Unrealized value of investment) / Total amount of invested capital

32
Q
  1. Use of Borrowed Funds
A
  • AIs may use borrowed funds to increase investment returns. This form of financial leverage has the effect of magnifying both gains and losses by allowing investors
    to take a market position that is larger than the capital committed

Return on a Leveraged Portfolio = Rp + Vb/Ve(Rp-rd)

  • Hedge funds leverage their portfolios by using derivatives or borrowing capital from prime brokers
  • The prime broker essentially lends the hedge fund the shares, bonds, or derivatives, and the hedge fund deposits cash or other collateral into a margin account with the prime broker based on certain fractions of the investment
    positions
  • The margin account represents the hedge fund’s net equity in its positions
33
Q

Alternative Investment Performance
3. Valuation

A
  • Alternative assets are often illiquid, which makes performance appraisal over time challenging and periodic comparison with common asset classes problematic
  • Accounting rules require investments are to be recorded at their fair value (FV) for financial reporting purposes
  • FV is market-based measure based on observable or derived assumptions to determine a price that market participants would use to exchange an asset or
    liability (often referred to as the exit price for a seller) in an orderly transaction at a specific time

Level 1 - Quoted prices in active markets - Exchange-traded public equity securities
Level 2 - Inputs other than quoted market prices in Level 1 that are directly or indirectly observable - Over-the-counter interest rate derivatives (pricing model using quoted market prices)
Level 3 - Private equity or real estate investments (cash flow projection models with reasonably available market participant assumptions)

34
Q

Alternative Investment Performance
4. Fees

A
  • AI fees vary from those for common asset classes, which typically involve a flat management fee
  • Alternative investments often levy additional performance fees based on a percentage of periodic fund returns. Performance appraisal for these investments can be difficult to generalize, because results may vary significantly based on which investor has invested when in a particular vehicle.
  • For example, an investor may face much lower incentive fees if they invest more capital in a fund at an earlier phase or is willing to accept greater restrictions on redemptions
35
Q

Calculating Fees and Returns
Custom fee arrangements

A
  • Although “2 and 20” and “1 and 10” are common fee structures there are variations
  • Fees based on liquidity terms and asset sizes
  • Longer lockups generally mean lower fees
  • Larger clients might have discounted fees
  • Terms are negotiated for individual investors using side letters
  • Founders’ shares
  • Often the first to contribute (usually the first $100m in assets) are subject to lower fees
  • Alternatively, fees for founders are reduced once a certain amount of funds is raised or performance targets are met
  • Either/or fees
  • Managers agree to either receive a 1% management fee during down years (to cover expenses) or a 30% incentive fee above a mutually agreed annual hurdle rate in up
    years whichever is greater
36
Q

Private capital

A
  • Private capital is the broad term used to describe funding provided to companies that is not sourced from public markets nor from traditional institutional providers
    such as banks
  • If the funding is an equity investment it is known as private equity
  • If capital is extended to companies in a similar way via a loan it is referred to as private debt
  • Although many private investment firms have private equity and private debt arms they are often known as private equity firms
  • Typically, the equity and debt arms do not invest in the same assets or businesses to avoid overexposure to a single investment and to avoid the conflict of interest that arises from sitting on either side of the creditors’ table
  • Private equity generally relates to investing in privately owned companies or in public companies with the intent of making them private
37
Q

Leveraged buyouts (LBOs)

A
  • LBO fund established by a private equity firm acquires established private companies or public companies (‘going private’ as the target’s share no longer trade publicly) with a significant amount of the purchase price financed through
    debt
  • The company’s assets are used as collateral for the debt and the target company’s cash flows service the debt
  • Management buyout (MBO) – current management team is involved in the acquisition
  • Management buy-in (MBI) – current management team is being replaced and the acquiring team will be involved in managing the company
38
Q

Stages of venture capital investing

A

Financed via ordinary or convertible preference
shares to the VC Fund
Management retains control

Formative stage financing:
Angel Investing Idea stage
– no VC involvement
Seed-stage
Development and marketing
First stage of VC investment
Early Stage Financing
Initiate manufacturing

Financed via equity and debt (for security to VC fund)
Management sells control to the VC investor

Later Stage Financing
Initial expansion followed by major expansion such as PPE expansion
Mezzanine or ‘bridge’ Pre-IPO preparation
Initial Public Offering (IPO)

39
Q

Other private equity strategies

A

Other private equity strategies
* Some PE funds specialize in growth capital, also known as growth equity or minority equity investing
- The PE firms takes less than a controlling interest in more mature, private companies that are looking for capital
- Minority investing is often initiated and sought by the management of the investee company who want to maintain control of the company before taking it public
- This is common for private companies but public companies can seek private equity capital through PIPEs (private investments in public equities)
* Other private equity strategies secure returns by investing in specific industries

40
Q

Types of liquidation/divestment

A
  • Exit strategies are critical for venture capital investing
  • Types:
  • Trade sale
  • Initial public offering (IPO)
  • Recapitalization
  • Secondary sales
  • Write-offs, i.e. voluntary liquidations
41
Q

Types of private debt

A
  • Private debt refers to the various forms of debt provided by investors to private entities
  • This has grown a lot since the credit crunch because opportunities to borrow from traditional lenders have reduced
  • Types:
  • Direct lending
  • Mezzanine debt
  • Venture debt
  • Distressed debt
42
Q

Other private debt strategies

A
  • Other ways of lending include
  • Issuing CLOs
  • Unitranche debt
  • Real estate/Infrastructure debt
  • Specialty loans
43
Q

Risk and return of private capital

A
  • Investors in private equity expect a higher return for accepting higher risk, including illiquidity and leverage risks
  • Private equity return indexes are subject to self-reporting as well as survivorship and other biases
  • Investors in private debt should earn a higher return than from investing in traditional bonds due to higher risks including illiquidity risk and default risk
44
Q

Diversification benefits of investing in private capital

A
  • Investment in private capital funds can add a moderate diversification benefit to a portfolio of publicly traded stocks and bonds and can potentially earn excess
    returns due to the excess risk
45
Q

Real Estate Investment Categories
Residential property
Commercial real estate

A

Residential property
* Individuals and families directly invest into property with the intent to occupy the property
* Mortgages are provided through financial institutions who carry out due diligence when deciding to lend to the borrower
* Securitization provides indirect, debt investment opportunities via residential mortgage-backed securities (RMBS), to other investors

Commercial real estate
* Appropriate direct investment for institutional funds or high-net-worth individuals
* Direct ownership requires active and experienced and professional management
* Indirect investment via REITs

46
Q

Real Estate
Unique properties of real estate:

A
  • Initial investment is typically large
  • No two properties are identical
  • There are multiple types of real estate investment alternatives available e.g. direct and indirect investment
  • Diversification across all different types of real estate investment alternatives may be difficult to attain.
  • Private market indexes replicating the performance of real estate are not directly investable
    Also, the price discovery process in the private real estate markets is opaque, for multiple reasons:
  • Historical prices may not reflect prevailing market conditions
  • Transaction costs are typically high
  • Transaction activity may be limited
47
Q

Basic forms of real estate investments
Private: Debt / Equity
Public: Debt / Equity

A

Private: Debt
* Mortgages
* Construction lending
* Mezzanine debt
Private: Equity
* Direct ownership
- Sole ownership
- Joint ventures
- RELPs
* Indirect ownership via real estate funds
* Private REITs

Public: Debt
Mortgage-backed securities (residential
and commercial)
* Collateralized mortgage obligations
* Mortgage REITs
* ETFs that own securitized mortgage debt
Public: Equity
Shares in real estate operating and
development corporations
* Listed REITs
* Mutual funds
* Index funds
* ETFs

48
Q

Direct Real Estate Investment
Advantages
Disadvantages

A

Direct Real Estate Investment
Advantages
* Control.
* Tax benefits
* Diversification.
Disadvantages
* Complexity
* Need for specialized knowledge
* Significant capital needs
* Concentration risk
* Lack of liquidity

49
Q

Indirect Real Estate Investment
REIT investing
Mortgage-backed securities (MBS)

A

Indirect Real Estate Investment
REIT investing
* Mortgage REITs invest in mortgages and are similar to fixed income investments.
* Equity REITs primarily invest into commercial or residential properties and employ leverage. Under regulation equity REITs are required to distribute their majority of
income to shareholders to retain their regulatory tax-advantaged status.
* Hybrid REITs invest in both of the above
* REITs can avoid corporate income taxation by distributing dividends equal to 90%–100% of taxable net rental income
Mortgage-backed securities (MBS)
* Based on a securitization model of buying a pool of assets (mortgages in this case) and assigning the interest and principal returns into individual equity
tranches.
* MBS may be issued publicly or privately.

50
Q

Indirect Real Estate Investment Strategies
* Core
* Core-Plus
* Value-add
* Opportunistic

A
  • Core
  • Well-leased, high-quality commercial and residential real estate in the best markets
  • Stable returns, primarily from income from the property
  • Usually structured as infinite-life, open-end funds and allow investors to contribute or redeem capital throughout the life of the fund e.g. Diversified Public REIT Investing
  • Core-Plus
  • Investors seeking higher returns may also accept additional risks from development, redevelopment, repositioning, and leasing e.g. Tenant Repositioning
  • Usually via the use of finite-life, closed-end funds
  • Value-add
  • Investments that require modest redevelopment or upgrades to lease any vacant space together with possible alternative use of the underlying properties.
  • Opportunistic
  • In order to seek even higher returns, investors may engage in value-add real estate strategies, such as larger-scale redevelopment and repositioning of existing assets
  • This often includes major redevelopment, repurposing of assets, taking on large vacancies, or speculating on significant improvement in market conditions
51
Q

Primarily Private Strategies

A

Core
Core-Plus
Value-Add
Opportunistic (highest risk return)

52
Q

Available Through Public Vehicles

A

Senior Debt
bond-like returns

53
Q

Infrastructure
Categories of infrastructure investment
* Economic infrastructure
* Social infrastructure

A
  • Economic infrastructure – investment into assets supporting economic activities:
  • Transportation assets e.g. roads, bridges, tunnels, airports, seaports, and heavy and light/urban railway systems. Income will usually be linked to demand based on traffic, airport and seaport charges, tolls, and rail fares and hence is deemed to carry market risk.
  • ICT assets include infrastructure that stores, broadcasts, and transmits information or data, such as telecommunication towers and data centers.
  • Utility and energy assets generate power and produce potable water; transmit, store, and distribute gas, water, and electricity; and treat solid waste.
  • Social infrastructure - investment directed toward human activities and include such assets as educational, health care, social housing, and correctional facilities, with the focus on providing, operating, and maintaining the asset infrastructure
54
Q

Forms of infrastructure investments
* Directly
* Indirectly
* Master Limited Partnerships (MLPs)

A

Forms of infrastructure investments
* Directly
- Provides control over the asset
- Able to capture the full value of the asset
- Least common method given the large investment needed, significant active management and the concentration and liquidity risk involved
* Indirectly
- Public traded infrastructure securities e.g. Infrastructure ETFs or holding equity in publicly traded infrastructure providers
* Liquid, lower cost, transparent governance, market prices, diversification
* However, these securities represent a small segment of the infrastructure investment universe
* Master Limited Partnerships (MLPs)
- Exchange traded pass-through entities similar to REITs
- Regulation varies across countries and the income is allocated to investor for taxation
- Most free cash flow generated is distributed to investors

55
Q

Stages of infrastructure development
* Greenfield
* Brownfield investment
* Secondary-stage investments

A
  • Greenfield
  • Investing into infrastructure yet to be constructed
  • Investors typically invest alongside strategic investors or developers that specialize in developing the underlying assets.
  • Brownfield investment
  • Investing into existing infrastructure assets e.g. government wanting to privatise, lease out, or to sell and lease back an asset
  • Secondary-stage investments
  • Invest in existing infrastructure facilities or fully operational assets that do not require further investment or development over the investment horizon
  • Generate immediate cash flow and returns expected over the investment period
56
Q

Risks and returns overview

A

Risks and returns overview
* Higher risk
- Greenfield projects without guarantees of demand upon completion e.g. variable electricity prices, uncertain traffic on roads and through ports
* Medium risk
- Mostly brownfield assets (with some capital expenditure requirements) and some greenfield assets (with limited construction and demand risk
* Low Risk
- Brownfield assets with mitigated risks e.g., fully constructed with contracted/regulated revenues
- Secondary stage assets that already exist
* Most institutional investors consider infrastructure investments to balance public equity holdings because infrastructure has proven to be relatively resilient to
swings in the equity markets.

57
Q

Overview of natural resources

A
  • This is a unique category comprising commodities and raw land used for farming and timber
  • Commodities are considered either hard or soft
  • Hard commodities are those that are mined, such as copper, or extracted, such as oil
  • Soft commodities are grown over time and include livestock, grains and cash crops, such as coffee
  • Timberland investment involves ownership of raw land and the harvesting of its trees for lumber
  • It generates an income stream and an opportunity for capital gains
  • Investment in timberland by large institutional portfolios is well established
  • Farmland as an investment is more recent with only a few dedicated funds involved
58
Q

Commodities

A
  • Commodities are physical products, e.g., oil, natural gas, precious metals
  • Returns are based on changes in price rather than an income stream via dividends or coupons
  • Portfolio diversification is possible on the observation that commodities have historically behaved differently to stock and bonds during the business cycle
  • Offers a hedge against inflation
  • Indices on commodities generally use the price of futures
  • Indices also vary in the terms of composition and weighting methods used
  • Most trading of commodities occurs through derivatives rather than direct investment
  • Funds that specialize in specific commodity sectors exist
59
Q

Pricing of commodity futures contracts

A

Most investments in commodities are by way of future contracts

Futures price ≈ Spot price (1 + Risk-free rate) + Storage costs - Convenience Yield

  • Contango
  • Future price > Spot price
  • Backwardation
  • Future price < Spot price
60
Q

Timberland

A

Timberland
* Offers income stream based on the sale of timber products
* Return is not highly correlated with other asset classes
* Acts as a warehouse and factory
- Can be easily grown and stored by not harvesting
* Three primary drivers of return: Biological growth, commodity price change and
land price changes

61
Q

Farmland

A
  • Perceived as a hedge against inflation
  • Consists of two main property types:
  • Row crops planted and harvested annually
  • Permanent crops that grow on trees or vines
  • Little flexibility (in comparison to timberland) in harvesting and must be harvested when ripe
  • Can be used as pastureland for livestock
  • Three primary drivers of return: Harvest quantities, commodity prices, land price
    changes
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CFA (12 decks)

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