问题如下图：这题的关系是什么？AshLawn是个母基金？下边又投了个子基金？还是说Ash Lawn是个子基金？ 被一个对冲基金投？这种FOF伞状基金是先算谁的？ 谢谢
选项：
A. 
B. 
C. 
解释：
NO.PZ2018053101000018 Unrlying funfees: Management fee = $133 million × 0.02 = $2.66 million. Incentive fee = ($133 – $100) million × 0.20 = $6.60 million. 问题1这一步为什么不扣除管理费？ Ash Lawn fees: AUM enof year, net of unrlying funfees = $133 million – $9.26 million = $123.74 million. Ash Lawn management fee = $123.74 million × 0.01 = $1.24 million (roun. AUM net of unrlying funfees anAsh Lawn management fee = ($123.74 – $1.24) million = $122.50 million(roun. Ash Lawn incentive fee = ($122.50 – $100) million × 0.10 = $2.25 million (roun. 问题2:为什么这个incentivefee里是扣除了管理费的？
老师您好，为什么是incentive fee是($133 – $100) million × 0.20 = $6.60 million，题目不是说要net of management fee么？为什么没有扣除management fee 部分呢？
$12.75 million. $12.87 million. B is correct. Totfees paito all fun (unrlying fun anAsh Lawn) are $12.75 million, consisting of unrlying funfees of $9.26 million anAsh Lawn fees of $3.49 million, calculatefollows: Unrlying funfees: Management fee = $133 million × 0.02 = $2.66 million. Incentive fee = ($133 – $100) million × 0.20 = $6.60 million. Totunrlying funfees ($2.66 + $6.60) million = $9.26 million. Ash Lawn fees: AUM enof year, net of unrlying funfees = $133 million – $9.26 million = $123.74 million. Ash Lawn management fee = $123.74 million × 0.01 = $1.24 million (roun. AUM net of unrlying funfees anAsh Lawn management fee = ($123.74 – $1.24) million = $122.50 million(roun. Ash Lawn incentive fee = ($122.50 – $100) million × 0.10 = $2.25 million (roun. TotAsh Lawn fees = ($1.24 + $2.25) million = $3.49 million (roun. Totfees of unrlying fun anAsh Lawn: ($9.26 + $3.49) million = $12.75 million (roun. 计算FoF总费用就要分别计算两层基金的费用 底层基金管理费=年底AUM*对应管理费率=$133 million × 0.02 = $2.66 million 绩效奖是单独计算的，因此直接在年底AUM基础上计算绩效奖=($133 – $100) million × 0.20 = $6.60 million 所以底层总的费用=($2.66 + $6.60) million = $9.26 million。 对于母基金来说，扣除完底层总费用后的年底AUM净值=$133 million – $9.26 million = $123.74 million 所以母基金管理费=$123.74 million × 0.01 = $1.24 million 母基金的绩效奖是按扣除完管理费净额计算=($123.74 – $1.24 - $100) *0.1=2.25million 所以母基金总费用=($1.24 + $2.25) million = $3.49 million 所以两层基金的总费用=($9.26 + $3.49) million = $12.75 million 133是母基金获得的？还是底层基金？
• 1% management fee (baseon year-enmarket value) 题目中的这个条件，说是母基金的management fee baseon year-enmarket value，扣除了unrlying funfees之后也是market value吗？ 虽然知道母基金的fee要扣除子基金fee之后计算，这里又看到market value还以为直接用133计算
$12.75 million. $12.87 million. B is correct. Totfees paito all fun (unrlying fun anAsh Lawn) are $12.75 million, consisting of unrlying funfees of $9.26 million anAsh Lawn fees of $3.49 million, calculatefollows: Unrlying funfees: Management fee = $133 million × 0.02 = $2.66 million. Incentive fee = ($133 – $100) million × 0.20 = $6.60 million. Totunrlying funfees ($2.66 + $6.60) million = $9.26 million. Ash Lawn fees: AUM enof year, net of unrlying funfees = $133 million – $9.26 million = $123.74 million. Ash Lawn management fee = $123.74 million × 0.01 = $1.24 million (roun. AUM net of unrlying funfees anAsh Lawn management fee = ($123.74 – $1.24) million = $122.50 million(roun. Ash Lawn incentive fee = ($122.50 – $100) million × 0.10 = $2.25 million (roun. TotAsh Lawn fees = ($1.24 + $2.25) million = $3.49 million (roun. Totfees of unrlying fun anAsh Lawn: ($9.26 + $3.49) million = $12.75 million (roun. 计算FoF总费用就要分别计算两层基金的费用 底层基金管理费=年底AUM*对应管理费率=$133 million × 0.02 = $2.66 million 绩效奖是单独计算的，因此直接在年底AUM基础上计算绩效奖=($133 – $100) million × 0.20 = $6.60 million 所以底层总的费用=($2.66 + $6.60) million = $9.26 million。 对于母基金来说，扣除完底层总费用后的年底AUM净值=$133 million – $9.26 million = $123.74 million 所以母基金管理费=$123.74 million × 0.01 = $1.24 million 母基金的绩效奖是按扣除完管理费净额计算=($123.74 – $1.24 - $100) *0.1=2.25million 所以母基金总费用=($1.24 + $2.25) million = $3.49 million 所以两层基金的总费用=($9.26 + $3.49) million = $12.75 million 怎么看出母基金的管理费是2%？
