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坏呼呼嘿嘿 · 2023年06月06日

什么是standard fee 和 breakeven active return

  1. CFA III
  2. Trading&Performance

* 问题详情，请 查看题干

NO.PZ202110280100001303

问题如下：

Calculate the net active return based on each possible gross active return provided using the selected data in Exhibit A. Show your calculations.

选项：

解释：

Gross Active Return ≤ 0.20%:

Gross Active Return at or below the Base Fee − Base Fee = Net Active Return

0.20 − 0.20 = 0.00

=> Net Active Return ≤ 0.00%

Base Fee = Billed Fee (No Sharing Fee)

0.20

Gross Active Return = 0.75%:

Active Return − Base Fee = Return Subject to Sharing Fee

0.75 − 0.20 = 0.55

Return Subject to Sharing Fee × Sharing Fee = Additional Fee Due to Sharing Fee

0.55 × 0.25 = 0.1375

Base Fee + Additional Fee Due to Sharing Fee = Billed Fee

0.20 + 0.1375 = 0.3375

Active Return − Billed Fee = Net Active Return

0.75 − 0.3375 = 0.4125, rounded to 0.41%

Gross Active Return = 1.25% is the breakeven active return (No Sharing Fee):

Gross Active Return − Standard Fee = Net Active Return

1.25 − 0.35 = 0.90 or 0.90%

Standard Fee = Billed Fee (No Sharing Fee)

0.35

Gross Active Return = 1.75%:

Gross Active Return − Base Fee = Return Subject to Sharing Fee

1.75 − 0.20 = 1.55

Return Subject to Sharing Fee × Sharing Fee = Additional Fee Due to Sharing Fee

1.55 x 0.25 = 0.3875

Base Fee + Additional Fee Due to Sharing Fee = Billed Fee

0.2 + 0.3875 = 0.5875

Gross Active Return − Billed Fee = Net Active Return

1.75 − 0.5875 = 1.1625, rounded to 1.16%

如题

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1 个答案

笛子_品职助教 · 2023年06月07日

嗨，爱思考的PZer你好：


什么是standard fee 和 breakeven active return


Hello，亲爱的同学~

我们先看这道题给出的表格信息。



在这道题里，基金经理最少可以拿到base fee，也就是0.2%。

最多，有个上限，是0.9%。


根据业绩，基金经理的费用在0.2%-0.9%里浮动。


因为基金收取的费用一直在浮动，客户可能会搞不清，有的客户会问，那么大概会收多少费用。这个时候，基金经理为了方便和客户交流，给客户说明费用大概是多少，就可以算个平均值。这个平均值算法是：（最少的费用0.2% + 最多的费用0.9%）/2=0.55%。


这就是standard fee.


breakeven active return是指，当active return是多好的时候，所计算出来的费用，正好是standard fee。

例如本案例，当active return 为1.6%时，基金经理正好收取0.55%的费用。



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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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NO.PZ202110280100001303 问题如下 Calculatethe net active return baseon eapossible gross active return proviusingthe selecteta in Exhibit Showyour calculations. GrossActive Return ≤ 0.20%:Gross Active Return or below the Base Fee − Base Fee = Net ActiveReturn0.20 − 0.20 = 0.00= Net Active Return ≤ 0.00%Base Fee = BilleFee (No Sharing Fee)0.20GrossActive Return = 0.75%:Active Return − Base Fee = Return Subjeto Sharing Fee0.75 − 0.20 = 0.55Return Subjeto Sharing Fee × Sharing Fee = AitionFee e toSharing Fee0.55 × 0.25 = 0.1375Base Fee + AitionFee e to Sharing Fee = BilleFee0.20 + 0.1375 = 0.3375Active Return − BilleFee = Net Active Return0.75 − 0.3375 = 0.4125, rounto 0.41%GrossActive Return = 1.25% is the breakeven active return (No Sharing Fee):Gross Active Return − StanrFee = Net Active Return1.25 − 0.35 = 0.90 or 0.90%StanrFee = BilleFee (No Sharing Fee)0.35GrossActive Return = 1.75%:Gross Active Return − Base Fee = Return Subjeto Sharing Fee1.75 − 0.20 = 1.55Return Subjeto Sharing Fee × Sharing Fee = AitionFee e toSharing Fee1.55 x 0.25 = 0.3875Base Fee + AitionFee e to Sharing Fee = BilleFee0.2 + 0.3875 = 0.5875Gross Active Return − BilleFee = Net Active Return1.75 − 0.5875 = 1.1625, rounto 1.16% Gross Active Return = 1.25% is the breakeven active return (No Sharing Fee):Gross Active Return − StanrFee = Net Active Return1.25 − 0.35 = 0.90 or 0.90%StanrFee = BilleFee (No Sharing Fee)0.35为什么breakeven没有 Sharing Fee？

2024-07-28 17:12 1 · 回答

NO.PZ202110280100001303 问题如下 Calculatethe net active return baseon eapossible gross active return proviusingthe selecteta in Exhibit Showyour calculations. GrossActive Return ≤ 0.20%:Gross Active Return or below the Base Fee − Base Fee = Net ActiveReturn0.20 − 0.20 = 0.00= Net Active Return ≤ 0.00%Base Fee = BilleFee (No Sharing Fee)0.20GrossActive Return = 0.75%:Active Return − Base Fee = Return Subjeto Sharing Fee0.75 − 0.20 = 0.55Return Subjeto Sharing Fee × Sharing Fee = AitionFee e toSharing Fee0.55 × 0.25 = 0.1375Base Fee + AitionFee e to Sharing Fee = BilleFee0.20 + 0.1375 = 0.3375Active Return − BilleFee = Net Active Return0.75 − 0.3375 = 0.4125, rounto 0.41%GrossActive Return = 1.25% is the breakeven active return (No Sharing Fee):Gross Active Return − StanrFee = Net Active Return1.25 − 0.35 = 0.90 or 0.90%StanrFee = BilleFee (No Sharing Fee)0.35GrossActive Return = 1.75%:Gross Active Return − Base Fee = Return Subjeto Sharing Fee1.75 − 0.20 = 1.55Return Subjeto Sharing Fee × Sharing Fee = AitionFee e toSharing Fee1.55 x 0.25 = 0.3875Base Fee + AitionFee e to Sharing Fee = BilleFee0.2 + 0.3875 = 0.5875Gross Active Return − BilleFee = Net Active Return1.75 − 0.5875 = 1.1625, rounto 1.16% 老师，表格里给的数据单位给的都是%，但实际我们知道哪个sharing不可能是0.25%，而就是0.25； 所以题目这里是表述的不严谨吗？那如果考试遇到这种情况，我们是默认sharing比例是0.25还是0.25(%）？

2024-05-12 11:52 1 · 回答

NO.PZ202110280100001303 问题如下 Calculatethe net active return baseon eapossible gross active return proviusingthe selecteta in Exhibit Showyour calculations. GrossActive Return ≤ 0.20%:Gross Active Return or below the Base Fee − Base Fee = Net ActiveReturn0.20 − 0.20 = 0.00= Net Active Return ≤ 0.00%Base Fee = BilleFee (No Sharing Fee)0.20GrossActive Return = 0.75%:Active Return − Base Fee = Return Subjeto Sharing Fee0.75 − 0.20 = 0.55Return Subjeto Sharing Fee × Sharing Fee = AitionFee e toSharing Fee0.55 × 0.25 = 0.1375Base Fee + AitionFee e to Sharing Fee = BilleFee0.20 + 0.1375 = 0.3375Active Return − BilleFee = Net Active Return0.75 − 0.3375 = 0.4125, rounto 0.41%GrossActive Return = 1.25% is the breakeven active return (No Sharing Fee):Gross Active Return − StanrFee = Net Active Return1.25 − 0.35 = 0.90 or 0.90%StanrFee = BilleFee (No Sharing Fee)0.35GrossActive Return = 1.75%:Gross Active Return − Base Fee = Return Subjeto Sharing Fee1.75 − 0.20 = 1.55Return Subjeto Sharing Fee × Sharing Fee = AitionFee e toSharing Fee1.55 x 0.25 = 0.3875Base Fee + AitionFee e to Sharing Fee = BilleFee0.2 + 0.3875 = 0.5875Gross Active Return − BilleFee = Net Active Return1.75 − 0.5875 = 1.1625, rounto 1.16% 如题。以及，为什么这里的stanrfee不是base fee和mfee的平均数0.55，而是0.35？

2023-07-14 14:46 2 · 回答

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2023-06-28 19:35 1 · 回答