能否解释一下 management fee和administration fee的区别

问题如下：

Hans Smith, an Albright portfolio manager, makes the following notes after examining these funds:

Note 1 The fee on the Caribou Fund is a 15% share of any capital appreciation above a 7% threshold and the use of a high-water mark.

Based on Note 1, the fee on the Caribou Fund is best described as a:

选项：

A.

performance fee

B.

management fee

C.

administrative fee

解释：

Performance fees serve as an incentive for portfolio managers to achieve or outperform return objectives, to the benefit of both the manager and investors. Several performance fee structures exist, although performance fees tend to be “upward only”—that is, fees are earned by the manager when performance objectives are met, but fund investors are not reimbursed when performance is negative. Performance fees could be reduced following a period of poor performance, however. Fee calculations also reflect high-water marks. As described in Note 1, the fee for the Caribou Fund is a 15% share of any capital appreciation above a 7% threshold, with the use of a high-water mark, and is therefore a performance fee.

B is incorrect because management fees include direct costs of research (such as remuneration and expenses for investment analysts and portfolio managers) and the direct costs of portfolio management (e.g., software, trade processing costs, and compliance). Management fees are typically determined as a percentage of the funds under management.

C is incorrect because administrative fees include the processing of corporate actions such as rights issues and optional stock dividends, the measurement of performance and risk of a portfolio, and voting at company meetings. Generally, these functions are provided by an investment management firm itself and are included as part of the management fee.