NO.PZ2021103102000050
问题如下:
The following information applies to Rotunda Advisers, a hedge fund:
$300 million in AUM as of prior year end
2% management fee (based on year-end AUM)
20% incentive fee calculated:
Current-year fund gross return is 20%.
The total fee earned by Rotunda in the current year is
closest to:
选项:
A.$7.20 million B.$20.16 million C.$21.60 million解释:
尽管Rotunda期末计算费用前的总资产净值为$360 m,但扣除$7.2 m的管理费后,总资产净值为$352.8 m,低于之前的高水位线$357 m。因此,无任何奖励费。门槛回报率也无需使用。
计算具体如下:
年终资产价值 = 前年末资产价值 × (1 + 基金回报率) = $300 m × 1.2 = $360 m.
管理费 = $360 m × 2% = $7.20 m
奖励费计算前年终资产价值 = $360 m − $7.2 m = $352.8 m
奖励费计算前年终资产价值没有超过高水位线 $357 m,因此,无激励费。
那无奖励费的话,最终算比例的时候是352.8/357还是除以300啊,怎么两个值算出来都不对呢