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circle · 2024年09月20日

老师，这道题“include”是不是误导错误的核心.

  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.

老师，这道题“include”是不是误导错误的核心.

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品职助教_七七 · 2024年09月20日

嗨，爱思考的PZer你好：


include在这里实际没有问题。收益科目和费用科目是两个不同的科目，收益科目中不可能去“包含”某个费用科目里的东西，如果从这个角度去思考问题，出发点就错了。

所以，这里的not include应理解为管理费不包含在gross return的计算过程中，也就是不扣除。这样去理解就不会出错了。


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