如果只收管理费，保守的基金经理也可能就吃大锅饭，而降低投资风险吧？

NO.PZ2022122701000048

问题如下：

Which of the following fee structures most likely decreases the volatility of a portfolio’s net returns?

选项：

Incentive fees only

Management fees only

Neither incentive fees nor management fees

解释：

Correct Answer: A

Because incentive fees are fees charged as a percentage of returns (reducing net gains in positive months and reducing net losses in negative months), its use lowers the standard deviation of realized returns. Charging a management fee (a fixed percentage based on assets) lowers the level of realized return without aﬀecting the standard deviation of the return series.

如果只收管理费，保守的基金经理也可能就吃大锅饭，而降低投资风险吧？，所以我选了B

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吴昊_品职助教 · 2024年01月27日

嗨，努力学习的PZer你好：

收益和风险是捆绑在一起的，只有分享return的fee，才会承担风险。只有分我一部分收益，那么我才会来承担对应那一部分的风险。incentive fee是和业绩挂钩的，而management fee是按百分比收的，不管赚钱还是亏钱，都会收固定比例的management fee，可以看成是一个常数。常数是不会影响波动性的。它和return没有关系，因此不会改变return的volatility。这个可以当成结论记忆一下。

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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.PZ2022122701000048 问题如下 Whiof the following fee structures most likely creases the volatility of a portfolio’s net returns? A.Incentive fees only B.Management fees only C.Neither incentive fees nor management fees CorreAnswer: ABecause incentive fees are fees chargea percentage of returns (recing net gains in positive months anrecing net losses in negative months), its use lowers the stanrviation of realizereturns. Charging a management fee (a fixepercentage baseon assets) lowers the level of realizereturn without aﬀecting the stanrviation of the return series. Because incentive fees are fees chargea percentage of returns (recing net gains in positive months anrecing net losses in negative months), its use lowers the stanrviation of realizereturns. 【Q1 什么叫做Renet losses in negative months? 如果亏损了，就不会收incentive fee，但也不叫作renet loss 吧？】

2024-01-11 19:25 1 · 回答

如果只收管理费，保守的基金经理也可能就吃大锅饭，而降低投资风险吧？

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