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nzh · 2018年05月03日

奖励机制 问一道题：NO.PZ2016031203000013 [ CFA I ]

  1. CFA I
  2. Alternative

问题如下图：

    

选项：

A.

B.

C.

解释：


请问这种题的说法不是很理解，在80和140前边有一句话说net of management and incentive fees,难道不是在说这80和140是已经是减去这两个fee的值了吗？

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韩韩_品职助教 · 2018年05月05日

同学你好，这里net of 是不包含，没有考虑的意思，就是说还没有计算mgmt fee和incentive fee情况下，AUM是多少，所以需要分别计算一下。

这里的确在含义上有点模糊，不包含和扣除都可以用net of 来表达，真题会出的更加明确的。

在这里主要掌握，mgmt fee/incentive fee如何计算即可，investor net return如何计算的考点即可，不用特别关注这个题目。

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NO.PZ2016031203000013 问题如下 Capricorn Funof Fun invests G100 million in eaof Alpha Hee FunanAHee Fun Capricorn FOF ha \"1 an10\" fee structure. Management fees anincentive fees are calculateinpenntly the enof eayear. After one year, net of their respective management anincentive fees, the investment in Alpha is valueatGBP80 million anthe investment in Ais valueGBP140 million. The annureturn to investor in Capricorn, net of fees assessethe funof fun level, is closest to: A.7.9%. B.8.0%. C.8.1%. A is correct.because the net investor return is 7.9%, calculateas:First, note th\"1 an10\" refers to a 1% management fee, ana 10% incentive fee.Enof yecapit= GBP140 million + GBP80 million = GBP220 millionManagement fee = GBP220 million × 1% = GBP2.2 millionIncentive fee = (GBP220 − GBP200) million × 10% = GBP2 millionTotfees to Capricorn = (GBP2.2 + GBP2) million = GBP4.2 millionInvestor net return: (GBP220 − GBP200 − GBP4.2) / GBP200 = 7.9%FOF年底的AUM=GBP140 million + GBP80 million = GBP220 million所以管理费=GBP220 million × 1% = GBP2.2 million本题绩效奖和管理费是单独计算因此，绩效奖=(GBP220 − GBP200) million × 10% = GBP2 million所以总费用=(GBP2.2 + GBP2) million = GBP4.2 million所以净收益=(GBP220 − GBP200 − GBP4.2) / GBP200 = 7.9% 老师能画图下吗

2024-01-25 20:54 2 · 回答

NO.PZ2016031203000013 问题如下 Capricorn Funof Fun invests G100 million in eaof Alpha Hee FunanAHee Fun Capricorn FOF ha \"1 an10\" fee structure. Management fees anincentive fees are calculateinpenntly the enof eayear. After one year, net of their respective management anincentive fees, the investment in Alpha is valueatGBP80 million anthe investment in Ais valueGBP140 million. The annureturn to investor in Capricorn, net of fees assessethe funof fun level, is closest to: A.7.9%. B.8.0%. C.8.1%. A is correct.because the net investor return is 7.9%, calculateas:First, note th\"1 an10\" refers to a 1% management fee, ana 10% incentive fee.Enof yecapit= GBP140 million + GBP80 million = GBP220 millionManagement fee = GBP220 million × 1% = GBP2.2 millionIncentive fee = (GBP220 − GBP200) million × 10% = GBP2 millionTotfees to Capricorn = (GBP2.2 + GBP2) million = GBP4.2 millionInvestor net return: (GBP220 − GBP200 − GBP4.2) / GBP200 = 7.9%FOF年底的AUM=GBP140 million + GBP80 million = GBP220 million所以管理费=GBP220 million × 1% = GBP2.2 million本题绩效奖和管理费是单独计算因此，绩效奖=(GBP220 − GBP200) million × 10% = GBP2 million所以总费用=(GBP2.2 + GBP2) million = GBP4.2 million所以净收益=(GBP220 − GBP200 − GBP4.2) / GBP200 = 7.9% ABC这个基金从100到140，有40能算Incentive fee。 记得有道例题是FOF结构的底层和上层基金都要计算incentive fee 和 management fee 的， 为什么这题只算了上层的费用， 题目中明明说了费用计算是Inpenntly的呀。

2023-11-04 17:24 1 · 回答

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2023-07-30 20:04 1 · 回答

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2022-11-03 11:31 1 · 回答

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