A/

Overall, a private equity fund (PE fund) is an investment vehicle that engages in investing into a variety of equities, as well as debts, with the strategies
characterizing private equities (Metrick & Yasuda 2010, p.2303–2341), which differs from public equity in a sense that they are not publicly traded.
Typically, these strategies relate to leverage buyout (LBO), venture capital (VC) and a few others, namely growth capital, mezzanine capital, distressed and
special situations (Neerza & Tripathi)
At its core, a particular PE fund is raised and managed by professional investors of a particular private-equity investment firm, which is simultaneously in
charge of multiple other PE funds. Statistically, new funds are raised every 3-5 years when former ones have been fully delegated (Prowse 1998, p.21-34).

B/ The below illustration captures the main phases during the operation of a PE fund:

Figure: The main stages of a private equity fund’s operations (Deloitte 2021)

Based on the paper of Jain and Indrani (2009), the operations of a PE fund will entail the following stages:
Essentially, prior to operational activities of a PE fund, the fund per se has to be established first. Numerous partners, including pension
funds, hedge funds, development banks and wealthy individuals, will make monetary contribution to the formation of the fund and appoint a professional
fund manager with the sufficient expertise to take the lead.
Subsequently, the gathered fund will be delegated to acquire stakes in prospectively high-growth businesses that meet the prospectus
that the fund is supposed to deliver, typically during a duration of 5 years since its inception. These investments will take in a variety of forms like the
strategies discussed earlier (LBO and VC).
Afterwards, the fund is incentivized to add values to the acquired businesses through various operational and strategic approaches that
help the businesses grow, effectively boosting the monetary values of its purchased stake in a fast enough timeframe of around 3-5 years.
Eventually, on liquidation of a successful investment, the profits are proportionally distributed among the fund contributors. This
concludes a cycle in operation of a PE fund, which may lead to the formation of a new fund.

One of the major benefits that investors can reap from PE fund is the potential of achieving superior returns compared to the publicly traded equity (Long
& Bryant 2007). Secondly, the extensive studies have also recognized the persistency in performance of PE fund, illustrating the valid cases for PE
investment (Karmvir & Vyas 2016, p.76-88). In other words, this means that investors theoretically shall consider PE as a supplement to their portfolio for
diversification purposes. From the source of finance perspective, PE enables budding firms to access to monetary resources in a less costly way as opposed
to conventional fund raising methods (Neerza & Tripathi). As a resuch, PE investing can be justified as one of the key drivers of economic developments
(Breuer & Pinkwart 2018, p.319-324), hence societal well-being. When it comes to the downside of PE Investing, illiquidity represents one of the biggest
challenges (Demaria & Cyril 2015), as investors are simply unable to liquidate their position as quickly as is the case with public equity. For the higher
expected return from PE investing comes higher exposure to risks (Athanassiou 2012), not to mention that the skillsets required for successful PE ventures
are much broader and in-depth than with public equities. The last hardship is that PE investing might not be for all the retail investors given its substantial
entry requirements (Moloney 2010), which is why the majority of participants in PE investments are pension funds, high net-worth individuals and
investment banks, to illustrate.

C/ Five investment management companies that offer PE funds in Viet Nam:

D/ Five international investment funds that invest in crypto-related firms, assets or platforms:
- Siren Nasdaq NexGen Economy ETF
- Amplify Transformational Data Sharing ETF
- Bitwise Crypto Industry Innovators ETF
- Innovation Shares NextGen Protocol ETF
- Purpose Bitcoin ETF
 Exchange Date Crypto Close Price Equity Close Price Holding Period Gross Return Holding Period Yield
30-Jun-2021 32,771.45 4,166.45 Crypto Equity Crypto Equity On a monthly basis Crypto Equity
31-May-2021 36,693.82 4,204.11 89.31% 99.10% -10.69% -0.90% Arithmetic Mean 9.6998% 1.2423%
30-Apr-2021 56,812.95 4,181.17 64.59% 100.55% -35.41% 0.55% Geometric Mean 6.7058% 1.1493%
31-Mar-2021 58,950.03 3,972.89 96.37% 105.24% -3.63% 5.24%
28-Feb-2021 43,186.90 3,811.15 136.50% 104.24% 36.50% 4.24%
31-Jan-2021 32,331.52 3,714.24 133.58% 102.61% 33.58% 2.61%
31-Dec-2020 28,994.61 3,756.07 111.51% 98.89% 11.51% -1.11%
30-Nov-2020 19,381.26 3,621.63 149.60% 103.71% 49.60% 3.71% Constant
31-Oct-2020 13,840.50 3,269.96 140.03% 110.75% 40.03% 10.75% -1
30-Sep-2020 10,711.63 3,363.00 129.21% 97.23% 29.21% -2.77%
31-Aug-2020 11,681.06 3,500.31 91.70% 96.08% -8.30% -3.92%
31-Jul-2020 11,343.01 3,271.12 102.98% 107.01% 2.98% 7.01%
30-Jun-2020 9,148.08 3,100.29 123.99% 105.51% 23.99% 5.51%
31-May-2020 9,513.93 3,044.31 96.15% 101.84% -3.85% 1.84%
30-Apr-2020 8,827.66 2,912.43 107.77% 104.53% 7.77% 4.53%
31-Mar-2020 6,478.88 2,584.59 136.25% 112.68% 36.25% 12.68%
29-Feb-2020 8,635.12 2,954.22 75.03% 87.49% -24.97% -12.51%
31-Jan-2020 9,384.40 3,225.52 92.02% 91.59% -7.98% -8.41%
31-Dec-2019 7,157.88 3,230.78 131.11% 99.84% 31.11% -0.16%
30-Nov-2019 7,548.32 3,140.98 94.83% 102.86% -5.17% 2.86%
31-Oct-2019 9,190.80 3,037.56 82.13% 103.40% -17.87% 3.40%
30-Sep-2019 8,260.10 2,976.74 111.27% 102.04% 11.27% 2.04%
31-Aug-2019 9,490.65 2,926.46 87.03% 101.72% -12.97% 1.72%
31-Jul-2019 10,031.71 2,980.38 94.61% 98.19% -5.39% -1.81%
30-Jun-2019 11,391.80 2,941.76 88.06% 101.31% -11.94% 1.31%
31-May-2019 8,504.14 2,752.06 133.96% 106.89% 33.96% 6.89%
30-Apr-2019 5,236.88 2,945.83 162.39% 93.42% 62.39% -6.58%
31-Mar-2019 4,165.65 2,834.40 125.72% 103.93% 25.72% 3.93%
28-Feb-2019 3,798.45 2,784.49 109.67% 101.79% 9.67% 1.79%
31-Jan-2019 3,417.01 2,704.10 111.16% 102.97% 11.16% 2.97%
31-Dec-2018 3,811.20 2,506.85 89.66% 107.87% -10.34% 7.87%
30-Nov-2018 3,932.60 2,760.17 96.91% 90.82% -3.09% -9.18%
31-Oct-2018 6,303.16 2,711.74 62.39% 101.79% -37.61% 1.79%
30-Sep-2018 6,620.05 2,913.98 95.21% 93.06% -4.79% -6.94%
31-Aug-2018 7,041.39 2,901.52 94.02% 100.43% -5.98% 0.43%
31-Jul-2018 7,688.26 2,816.29 91.59% 103.03% -8.41% 3.03%
30-Jun-2018 6,354.62 2,718.37 120.99% 103.60% 20.99% 3.60%
31-May-2018 7,541.49 2,705.27 84.26% 100.48% -15.74% 0.48%
30-Apr-2018 9,270.19 2,648.05 81.35% 102.16% -18.65% 2.16%
31-Mar-2018 6,909.00 2,640.87 134.18% 100.27% 34.18% 0.27%
28-Feb-2018 10,535.45 2,713.83 65.58% 97.31% -34.42% -2.69%
31-Jan-2018 9,970.00 2,823.81 105.67% 96.11% 5.67% -3.89%
31-Dec-2017 14,380.90 2,673.61 69.33% 105.62% -30.67% 5.62%
30-Nov-2017 9,700.84 2,647.58 148.24% 100.98% 48.24% 0.98%
31-Oct-2017 6,364.75 2,575.26 152.42% 102.81% 52.42% 2.81%
30-Sep-2017 4,178.61 2,519.36 152.32% 102.22% 52.32% 2.22%
31-Aug-2017 4,729.57 2,471.65 88.35% 101.93% -11.65% 1.93%
31-Jul-2017 2,853.84 2,470.30 165.73% 100.05% 65.73% 0.05%
30-Jun-2017 2,532.41 2,423.41 112.69% 101.93% 12.69% 1.93%
31-May-2017 2,300.07 2,411.80 110.10% 100.48% 10.10% 0.48%
30-Apr-2017 1,350.98 2,384.20 170.25% 101.16% 70.25% 1.16%
31-Mar-2017 1,071.42 2,362.72 126.09% 100.91% 26.09% 0.91%
28-Feb-2017 1,191.19 2,363.64 89.95% 99.96% -10.05% -0.04%
31-Jan-2017 963.50 2,278.87 123.63% 103.72% 23.63% 3.72%
31-Dec-2016 966.35 2,238.83 99.71% 101.79% -0.29% 1.79%
30-Nov-2016 742.06 2,198.81 130.23% 101.82% 30.23% 1.82%
31-Oct-2016 697.31 2,126.15 106.42% 103.42% 6.42% 3.42%
30-Sep-2016 607.84 2,168.27 114.72% 98.06% 14.72% -1.94%
31-Aug-2016 570.76 2,170.95 106.50% 99.88% 6.50% -0.12%
31-Jul-2016 623.18 2,173.60 91.59% 99.88% -8.41% -0.12%
30-Jun-2016 667.14 2,098.86 93.41% 103.56% -6.59% 3.56%
Scenarios Probability Historical annual rate of return Funds Deviation from expected return Squared Deviation
Equity Crypto Global Equity Crypto Global Equity Crypto Global Equity Crypto Global
Recession 30.000000% 3.000000% -8.000000% -5.000000% 0.900000% -2.400000% -1.500000% 0.950000% -10.450000% -5.950000% 0.009025% 1.092025% 0.354025%
Slow
15.000000% 0.000000% -5.000000% 1.000000%
growth 0.000000% -0.750000% 0.150000% -2.050000% -7.450000% 0.050000% 0.042025% 0.555025% 0.000025%
Good
25.000000% 1.000000% 8.000000% 2.000000%
growth 0.250000% 2.000000% 0.500000% -1.050000% 5.550000% 1.050000% 0.011025% 0.308025% 0.011025%
High
30.000000% 3.000000% 12.000000% 6.000000%
growth 0.900000% 3.600000% 1.800000% 0.950000% 9.550000% 5.050000% 0.009025% 0.912025% 0.255025%
Expected/ Mean Return 2.050000% 2.450000% 0.950000%
Variance 0.014475% 0.761475% 0.185475%
Standard Deviation 1.203121% 8.726253% 4.306681%
Portfolio O
Scenarios Probability Deviation From Expected Return Covariance Weight Expected Return Standard Deviation
Equity Crypto Equity Crypto
Recession 30.000000% 0.950000% -10.450000% -0.029783% 5.000000% 95.000000% 2.430000% 8.293467%
Slow
15.000000%
growth -2.050000% -7.450000% 0.022909%
Good
25.000000%
growth -1.050000% 5.550000% -0.014569%
High
30.000000%
growth 0.950000% 9.550000% 0.027218%
Sum of Covariance 0.005775%
Correlation Coefficient 5.500661%
E(rE) E(rC) Sigma E Sigma C Correl(E,C) Risk-Free Rate
2.0500% 2.4500% 1.2031% 8.7263% 5.5007% 0.2500%
INVESTMENT OPPORTUNITY SET
STEP 2.0000%
Portfolio Weight Expected Return Standard Deviation Sharpe Ratio 0.025 Standard Deviation Expected Return
Equity Crypto Rearrange for visualization
0.0000% 100.0000% 2.4500% 8.7263% 25.2113% 1.2014% 2.0580%
2.0000% 98.0000% 2.4420% 8.5531% 25.6282% 1.2031% 2.0500%
0.024
4.0000% 96.0000% 2.4340% 8.3800% 26.0621% 1.2248% 2.0660%
6.0000% 94.0000% 2.4260% 8.2070% 26.5141% 1.2721% 2.0740%
8.0000% 92.0000% 2.4180% 8.0340% 26.9852% 1.3407% 2.0820%
10.0000% 90.0000% 2.4100% 7.8612% 27.4768% 1.4276% 2.0900%
0.023
12.0000% 88.0000% 2.4020% 7.6884% 27.9902% 1.5295% 2.0980%
14.0000% 86.0000% 2.3940% 7.5157% 28.5269% 1.6438% 2.1060%
16.0000% 84.0000% 2.3860% 7.3432% 29.0883% 1.7680% 2.1140%
18.0000% 82.0000% 2.3780% 7.1707% 29.6763% 1.9003% 2.1220%

Expected Returns
0.022
20.0000% 80.0000% 2.3700% 6.9984% 30.2928% 2.0389% 2.1300%
22.0000% 78.0000% 2.3620% 6.8262% 30.9398% 2.1827% 2.1380%
24.0000% 76.0000% 2.3540% 6.6541% 31.6197% 2.3308% 2.1460%
26.0000% 74.0000% 2.3460% 6.4822% 32.3349% 0.021 2.4824% 2.1540%
28.0000% 72.0000% 2.3380% 6.3104% 33.0882% 2.6369% 2.1620%
30.0000% 70.0000% 2.3300% 6.1388% 33.8827% 2.7938% 2.1700%
32.0000% 68.0000% 2.3220% 5.9674% 34.7218% 2.9527% 2.1780%
34.0000% 66.0000% 2.3140% 5.7962% 35.6093% 0.02 3.1133% 2.1860%
36.0000% 64.0000% 2.3060% 5.6253% 36.5493% 3.2753% 2.1940%
38.0000% 62.0000% 2.2980% 5.4546% 37.5466% 3.4386% 2.2020%
40.0000% 60.0000% 2.2900% 5.2841% 38.6063% 3.6030% 2.2100%
0.019
42.0000% 58.0000% 2.2820% 5.1140% 39.7343% 3.7684% 2.2180%
44.0000% 56.0000% 2.2740% 4.9442% 40.9372% 3.9346% 2.2260%
46.0000% 54.0000% 2.2660% 4.7747% 42.2225% 4.1014% 2.2340%
48.0000% 52.0000% 2.2580% 4.6057% 43.5986% 4.2690% 2.2420%
0.018
50.0000% 50.0000% 2.2500% 4.4371% 45.0749% 0 0.01 4.4371% 0.02 2.2500% 0.03 0.04 0.05 0.06 0.07 0.08 0.09 0.1
52.0000% 48.0000% 2.2420% 4.2690% 46.6623% 4.6057% 2.2580% Standard Deviation
54.0000% 46.0000% 2.2340% 4.1014% 48.3733% 4.7747% 2.2660%
56.0000% 44.0000% 2.2260% 3.9346% 50.2218% 4.9442% 2.2740%
58.0000% 42.0000% 2.2180% 3.7684% 52.2240% 5.1140% 2.2820%
60.0000% 40.0000% 2.2100% 3.6030% 54.3985% 5.2841% 2.2900%
62.0000% 38.0000% 2.2020% 3.4386% 56.7667% 5.4546% 2.2980% PORTFOLIO: Weight in Equity Weight in Crypto Expected Return Standard Deviation Sharpe Ratio
64.0000% 36.0000% 2.1940% 3.2753% 59.3530% 5.6253% 2.3060% Minimum Variance Portfolio 98.8619% 1.1381% 2.0546% 1.1990% 150.5050%
66.0000% 34.0000% 2.1860% 3.1133% 62.1857% 5.7962% 2.3140% Optial Risk-Return Portfolio 98.4450% 1.5550% 2.0562% 1.1996% 150.5745%
68.0000% 32.0000% 2.1780% 2.9527% 65.2972% 5.9674% 2.3220%
70.0000% 30.0000% 2.1700% 2.7938% 68.7246% 6.1388% 2.3300%
72.0000% 28.0000% 2.1620% 2.6369% 72.5096% 6.3104% 2.3380%
74.0000% 26.0000% 2.1540% 2.4824% 76.6991% 6.4822% 2.3460%
76.0000% 24.0000% 2.1460% 2.3308% 81.3438% 6.6541% 2.3540%
78.0000% 22.0000% 2.1380% 2.1827% 86.4964% 6.8262% 2.3620%
80.0000% 20.0000% 2.1300% 2.0389% 92.2067% 6.9984% 2.3700%
82.0000% 18.0000% 2.1220% 1.9003% 98.5133% 7.1707% 2.3780%
84.0000% 16.0000% 2.1140% 1.7680% 105.4275% 7.3432% 2.3860%
86.0000% 14.0000% 2.1060% 1.6438% 112.9082% 7.5157% 2.3940%
88.0000% 12.0000% 2.0980% 1.5295% 120.8221% 7.6884% 2.4020%
90.0000% 10.0000% 2.0900% 1.4276% 128.8921% 7.8612% 2.4100%
92.0000% 8.0000% 2.0820% 1.3407% 136.6435% 8.0340% 2.4180%
94.0000% 6.0000% 2.0740% 1.2721% 143.3829% 8.2070% 2.4260%
96.0000% 4.0000% 2.0660% 1.2248% 148.2657% 8.3800% 2.4340%
98.0000% 2.0000% 2.0580% 1.2014% 150.4956% 8.5531% 2.4420%
100.0000% 0.0000% 2.0500% 1.2031% 149.6109% 8.7263% 2.4500%
98.8619% 1.1381% 2.0546% 1.1990%
98.4450% 1.5550% 2.0562% 1.1996% 150.5745%
 Portfolio C Portfolio O's Expected Return (Optimal Sharpe) O's Standard Deviation
With the cash amount of 100$ and given the recommended weights in theRisk-Free Rate Weight of Equity
portfolio C, the Weight of Crypto
actions to take are:
- Borrow around 566.91% of the current2.0562% 1.1996%
cash at hand, effectively 566.91$. Our0.2500%
cash balance now98.4450% 1.5550%
reaches 666.91$
Expected Return 12.2960% - With that cash in total, allocate 656.54$ to equity fund and 10.37$ to crypto fund.
Risk 8.0000%

Weight in portfolio O 666.9153%

According to U.S. Securities and Exchange Commission (2021), some of the fee types that investors may incur are generally transactions fee and ongoing fees, with the
examples as follow:
- Transaction fees:
+ Commissions: when a financial expert or his/her company acts as an agent in a securities transaction, the commission paid by investors is the considered as
incentive to the recipients.
+ Markup: when broker/ dealer sells a security to investor, they expect a price higher than the market price from the investor, and the difference between the two
prices translate into mark-up.
- Ongoing fees:
+ Investment advisory fees: when the investor’s portfolio is actively managed by a financial advisor, an ongoing annual fee will be charged on the value of the
portfolio.
+ Annual operating expenses: mutual funds and ETFs are financial products that are devised and managed by professional investors, thus the costs of making &
pushing these investment products inevitably incurs extra charges, which are passed onto the investor.

SEC (2021) also advises that the fees may appear small, yet over the time, it will eat significantly into investment portfolio’s value.

Figure: How costs impact the investment portfolio (Vanguard 2021)

The research by Vanguard (2021) also points out that funds with lower costs have been outperforming their more expensive counterparts over the last 10 years. This
conclusion has also been confirmed in the extensive studies of Cummings (2010) and Sanzhar (2013), which all suggested that there exists a strong inverse relationship
between a fund’s expense ratio & loads and its performance.

Figure: Cheaper funds have outperformed expensive ones (Vanguard 2021).

B/
Based on the quantitative research performed by DALBAR (2017), human investors and advisors are proven to be vulnerable to multiple behavioral biases, and the
reasons are varied. Firstly, it might be a matter of herding when their actions are triggered by the ones taken by the crowd despite their depth of experiences, and
secondly, as a response to the media commentaries (Rourke 2019). Besides, biases in financial investing can be typically attributed to over-confidence.
As a victim of these behavioral biases, a consistent under-performance of actively-managed and advisor-led portfolios has been highlighted in the paper of Otuteye
(2019, p.284-300). Resultantly, increasing number of investors are showing their distrust to financial advisors (Paragon Resources n.d), not only on grounds of poor
performance, but also the perceived risks of interest conflicts - the agency principal problems (Golec 1992, p.81-95)

C/
Though it is established that robo advisors can minimize costs, avoid the conflicts of interests related to behavioral biases and equip clients with online access to their
portfolio (Rourke 2019), resulting in increased client satisfaction as opposed to human advisors (Fischer 2020), portfolio management carries further tasks than just the
advantages of robo-advisors can bring. Overall, the process of portfolio management includes multiple steps, from preparing the statement policy, identify the current &
future trends to eventually build up a portfolio and keep it under monitor (Kuzmina & Voronova 2011). In addition, the entire field of robo-advisors is still in its infancy
and has unavoidable shortcomings. These include its temporary failure to uphold fiduciary standard, ill-competency in providing thorough portfolio analysis and
making detailed financial planning (Rourke 2019). As a result, it is currently unfeasible that robo advisors could act as complete alternative to human advisors. By
incorporating the human elements with machine, it is believed that better results and higher satisfaction will accrue to clients.
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Breuer, W & Pinkwart, A 2018, 'Venture capital and private equity finance as key determinants of economic development', Journal of Business Economics, February,
pp. 319-324.

Cummings, B 2010, 'The Effect of Mutual Fund Fees on Performance: A Review of the Literature for Practitioners', Texas Tech University, viewed 12 July 2021, SSRN
database, <https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1967307>.

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Deloitte 2021, 'Maximising Value: Private equity solutions', https://www2.deloitte.com/, viewed 12 July 2021, <https://www2.deloitte.com/lu/en/pages/mergers-
and-acquisitions1/solutions/maximising-value-private-equity-solutions.html>.

Demaria & Cyril 2015, Private Equity Fund Investments New Insights on Alignment of Interests, Governance, Returns and Forecasting, Palgrave Macmillan.
Fischer, M 2020, Robos Slightly Outperformed Human Advisors in Client Satisfaction During Crisis, ThinkAdvisor.

Golec, J 1992, 'Empirical Tests of a Principal-Agent Model of the Investor-Investment Advisor Relationship', The Journal of Financial and Quantitative Analysis, March,
vol. 27, no. 1, pp. 81-95.

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no. 1.

Karmvir, GR & Vyas, V 2016, 'Private Equity Performance: A Literature Review', The Journal of Private Equity, vol. 19, no. 3, pp. 76-88.

Kuzmina, J & Voronova, I 2011, 'DEVELOPMENT OF INVESTMENT RISK MANAGEMENT MODELS FOR INSURANCE COMPANIES', Economics & Management .

Long, M & Bryant, T 2007, Valuing the Closely Held Firm, Oxford Scholarship Online.

Metrick, A & Yasuda, A 2010, 'The Economics of Private Equity Funds', The Review of Financial Studies, June, vol. 23, no. 6, p. 2303–2341.

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247.

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300.

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