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琳 · 2024年08月20日

如题

  1. CFA I
  2. Quantitative

NO.PZ2023052302000011

问题如下：

An investment manager’s gross return is:

选项：

A.

an after-tax nominal, risk-adjusted return.

B.

the return earned by the manager prior to deduction of trading expenses.

C.

an often used measure of an investment manager’s skill because it does not include expenses related to management or administration.

解释：

C is correct. Gross returns are calculated on a pre-tax basis; trading expenses are accounted for in the computation of gross returns as they contribute directly to the returns earned by the manager. A is incorrect because investment managers’

gross returns are pre-tax and not adjusted for risk. B is incorrect because managers’ gross returns do reflect the deduction of trading expenses since they contribute directly to the return earned by the manager.

gross return 包含management or administration吧？B选项为何错？

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1 个答案

品职助教_七七 · 2024年08月20日

嗨，从没放弃的小努力你好：


B选项和management or administration没有关系，gross return是扣除完trading expenses后的return，所以B选项的“prior to”是错误的。

gross return 也不包含management or administration，“return”中不会包含某个“expense”。正确的理解为gross return计算的过程中没有扣除管理费。

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