NO.PZ201909300100002405
问题如下：
5 Based on Exhibit 1 and Exhibit 2, the Blue Water Fund’s 2018 investment management fee is:
选项：
A.2.40%
2.50%
2.90%
解释：
B is correct.
The fee schedule states that the fee will be the higher of either (1) the base fee or (2) the base fee plus sharing of the positive performance, with a maximum fee of 2.50%. Furthermore, it states that the performance-based fee is assessed on the active return. Without an upper limit, the fee would be 0.5% + [20% × (14% – 2%)] = 2.90%, which is greater than 2.50%; so, the 2.50% fee is assessed.
针对第三问：
3 Based on Exhibit 1 and Exhibit 2, the Yellow Wood Fund’s 2016 investment management fee is:
The fund’s fee schedule includes a base fee of 1.50% and a 20% performance-based fee. The performance-based fee is applied after the base fee is deducted. The total fee is calculated as follows:
1.5% + [20% × (15% – 1.5%)] = 4.20%
第三问的yellow的return算法是base加上perforamce的sharing，performance可以是正的也可以是负的，然后sharing要扣掉base fee——答案的做法我都理解，但是positive performance直接用了15%，没有扣除benchmark。
针对第五问：
5 Based on Exhibit 1 and Exhibit 2, the Blue Water Fund’s 2018 investment management fee is:
The fee schedule states that the fee will be the higher of either (1) the base fee or (2) the base fee plus sharing of the positive performance, with a maximum fee of 2.50%. Furthermore, it states that the performance-based fee is assessed on the active return. Without an upper limit, the fee would be 0.5% + [20% × (14% – 2%)] = 2.90%, which is greater than 2.50%; so, the 2.50% fee is assessed
第五问的blue water return的算法是：max（base，base+share of performance），现在base是0.5%，positive performance的算法变成了14%-2%——这不就和第三问答案的算法矛盾了么？如果参考第三问的算法，positive performance就应该是14%才对？
