这道题为什么计算incentive fee时扣除了management fee呢？
No.PZ2021052007000008 (问答题)
来源:
Squaw Valley Fund of Funds (SVFOF) charges a 1% management fee and 10% incentive fee and invests an equal amount of its assets into two individual hedge funds: Pyrenees Fund (PF) and Ural Fund (UF), each charging a 2% management fee and a 20% incentive fee. For simplicity in answering the following questions, please ignore fee compounding and assume that all fees are paid at year-end.
1 If the managers of both PF and UF generate 20% gross annual returns, what is the net-of-fee return for an investor in SVFOF?
