门槛报酬率的基数为什么是高水位？

NO.PZ2021103102000051 问题如下 A hee funhthe following feestructure: Annumanagement fee baseon year-enAUM2% Incentive fee20% Hure rate before incentive fee collection starts4% Current high-water mark$610 millionThe funha value of $580 million thebeginning of the year. After one year, it ha value of $650 million beforefees. The net percentage return to investor for this yeis closest to: A.8.45% B.9.29% C.9.74% 管理费 = $650 × 2% = $13 m由于该基金$650 m的期末总价值超过了$610 m的高水位线，基金管理人可以对高于该高水位线但扣除门槛回报率的收益部分，计算奖励费。奖励费计算如下:{$650 − [$610 × (1 + 0.04)]} × 0.20 = $3.12 m 投资者净回报[($650 − $13 − $3.12)/$580] − 1 ≈ 9.29% 首先判断能否拿绩效奖，就是判断有没有超过610和580*1.04对吧？因为这个地方高水位610 580*1.04，所以就采用610，但是后面计算的时候为什么还要计算610*1.04呢，这个hure rate难道不是基于年初初始金额580定的吗？如果我年初的初始投资是600，600*1.04是大于高水位610的，那我后面计算还需要610*1.04*1.04吗，如果不用的话这个定义就挺歧义的？

NO.PZ2021103102000051 问题如下 A hee funhthe following feestructure: Annumanagement fee baseon year-enAUM2% Incentive fee20% Hure rate before incentive fee collection starts4% Current high-water mark$610 millionThe funha value of $580 million thebeginning of the year. After one year, it ha value of $650 million beforefees. The net percentage return to investor for this yeis closest to: A.8.45% B.9.29% C.9.74% 管理费 = $650 × 2% = $13 m由于该基金$650 m的期末总价值超过了$610 m的高水位线，基金管理人可以对高于该高水位线但扣除门槛回报率的收益部分，计算奖励费。奖励费计算如下:{$650 − [$610 × (1 + 0.04)]} × 0.20 = $3.12 m 投资者净回报[($650 − $13 − $3.12)/$580] − 1 ≈ 9.29% 之前有一道题目的解析，是按照现在的价格也就是580的算的。（也就是我上一个提问）请老师们确定一下到底用的是哪个上浮，我的理解是在high water高位水线上浮hure如果我的理解是对的话，另外提一个问题，就是从high water上浮的hure，如果花了3年才重新回到highwater以上的话，莫非这个hure的5%得要 （1+0.05）^3 ？

NO.PZ2021103102000051问题如下 A hee funhthe following feestructure: Annumanagement fee baseon year-enAUM2% Incentive fee20% Hure rate before incentive fee collection starts4% Current high-water mark$610 millionThe funha value of $580 million thebeginning of the year. After one year, it ha value of $650 million beforefees. The net percentage return to investor for this yeis closest to: A.8.45%B.9.29%C.9.74% 管理费 = $650 × 2% = $13 m由于该基金$650 m的期末总价值超过了$610 m的高水位线，基金管理人可以对高于该高水位线但扣除门槛回报率的收益部分，计算奖励费。奖励费计算如下:{$650 − [$610 × (1 + 0.04)]} × 0.20 = $3.12 m 投资者净回报[($650 − $13 − $3.12)/$580] − 1 ≈ 9.29% 为什么610要×1.04没有理解

NO.PZ2021103102000051 问题如下 A hee funhthe following feestructure: Annumanagement fee baseon year-enAUM2% Incentive fee20% Hure rate before incentive fee collection starts4% Current high-water mark$610 millionThe funha value of $580 million thebeginning of the year. After one year, it ha value of $650 million beforefees. The net percentage return to investor for this yeis closest to: A.8.45% B.9.29% C.9.74% 管理费 = $650 × 2% = $13 m由于该基金$650 m的期末总价值超过了$610 m的高水位线，基金管理人可以对高于该高水位线但扣除门槛回报率的收益部分，计算奖励费。奖励费计算如下:{$650 − [$610 × (1 + 0.04)]} × 0.20 = $3.12 m 投资者净回报[($650 − $13 − $3.12)/$580] − 1 ≈ 9.29% 老师您好，没有说明管理费和绩效奖是否inpennt，不是要求一律按照独立计算吗？我记得老师上课时候有提到过，如果题目中没有明确说明 ，则按照独立计算。

NO.PZ2021103102000051 问题如下 A hee funhthe following feestructure: Annumanagement fee baseon year-enAUM2% Incentive fee20% Hure rate before incentive fee collection starts4% Current high-water mark$610 millionThe funha value of $580 million thebeginning of the year. After one year, it ha value of $650 million beforefees. The net percentage return to investor for this yeis closest to: A.8.45% B.9.29% C.9.74% 管理费 = $650 × 2% = $13 m由于该基金$650 m的期末总价值超过了$610 m的高水位线，基金管理人可以对高于该高水位线但扣除门槛回报率的收益部分，计算奖励费。奖励费计算如下:{$650 − [$610 × (1 + 0.04)]} × 0.20 = $3.12 m 投资者净回报[($650 − $13 − $3.12)/$580] − 1 ≈ 9.29% 计算绩效的时候超过hure rate的部分为什么不是先减去管理费，而是在最后算总收益的时候结算，比如【650-13-610*（1+4%）】*0.02，他也没说管理费是单独计算的吧