问一道题：NO.PZ2018053101000017 [ CFA I ]

NO.PZ2018053101000017 问题如下 A hee funhthe following fee structure:Annumanagement fee baseon year-enAUM 2%Incentive fee 20%Hure rate before incentive fee collection starts 4%Current high-water mark $610 millionThe funha value of $583.1 million the beginning of the year. After one year, it ha value of $642 million before fees. The net return to investor for this yeis closest to: A.6.72%. B.6.80%. C.7.64%. C is correct.The management fee for the yeis $642 × 0.02 = $12.84 million.Because the enng value excee the high-water mark, the hee funccolleincentive fee. The incentive fee is{$642 – [$610 × (1 + 0.04)]} × 0.20 = $1.52 million.The net return to the investor for the yeis[($642 – $12.84 – $1.52)/$583.1] – 1 ≈ 0.07638 ≈ 7.64%.管理费=年底AUM*管理费率=$642 × 0.02 = $12.84 million因为642 610, 达到了之前高水位要求，可以拿到绩效奖绩效奖=[$642 –（$610 × 1.04)]× 0.20 = $1.52 million所以总费用=$12.84 million+$1.52 million=14.36million所以净收益=[($642 – $14.36）/$583.1]-1= 7.64%.注意这里的hure rate是在高水位水平上进行计算，而不是年初的AUM。 老师您好，，请问这道题的hure rate 是 harhure rate 吗？如果是 soft hure rate 计算有什么差异哈？我把harhure rate 的计算方式附在下面，谢谢老师。harhure rate “解题思路1 先计算管理费；2 判断绩效奖是否需要net管理费，题目未提及需要，则无需net管理费；3 与高水位比较，判断能否拿绩效奖——642 610, 达到了之前高水位要求，可以拿到绩效奖；4 计算绩效奖由于有hure rate 限制，先计算超过hure rate的部分，再乘以奖金系数——绩效奖=[$642 –（$610 × 1.04)]× 0.20 = $1.52 million5 计算净收益率，（期末AUM-管理费-绩效奖-期初AUM）/期初AUM = 净收益率——[($642 – $14.36）/$583.1]-1= 7.64%.第一次遇到这道题做不出来是正常的，因为既涉及hure rate又涉及高水位，和画图没关系，但按照我上面的思路慢慢做，还是可以做出来。既有水位线，又有hure rate要求，判断能否拿绩效奖时，两者都要满足，即年底AUM-管理费=年底净值，既要大于之前的高水位线（不用乘以1+hure rate），也要大于年初AUM*（1+hure rate），这个步骤是判断能不能拿绩效奖。一般题目给出的情况都是hure rate容易满足，高水位线不容易满足，即出现hure rate达到要求，但是高水位线没达到达到，因此不能拿到绩效奖的情况。 而具体计算绩效奖，在既有水位线，又有hure rate要求时，绩效奖的计算基础是以高水位线为起点，到年底净值（AUM）之间部分，是按照超过高水位*（1+hure rate）作为基础来计算。关于这一部分的计算，课后题视频中有详细讲解，建议再复习一下彻底掌握~”

NO.PZ2018053101000017 问题如下 A hee funhthe following fee structure:Annumanagement fee baseon year-enAUM 2%Incentive fee 20%Hure rate before incentive fee collection starts 4%Current high-water mark $610 millionThe funha value of $583.1 million the beginning of the year. After one year, it ha value of $642 million before fees. The net return to investor for this yeis closest to: A.6.72%. B.6.80%. C.7.64%. C is correct.The management fee for the yeis $642 × 0.02 = $12.84 million.Because the enng value excee the high-water mark, the hee funccolleincentive fee. The incentive fee is{$642 – [$610 × (1 + 0.04)]} × 0.20 = $1.52 million.The net return to the investor for the yeis[($642 – $12.84 – $1.52)/$583.1] – 1 ≈ 0.07638 ≈ 7.64%.管理费=年底AUM*管理费率=$642 × 0.02 = $12.84 million因为642 610, 达到了之前高水位要求，可以拿到绩效奖绩效奖=[$642 –（$610 × 1.04)]× 0.20 = $1.52 million所以总费用=$12.84 million+$1.52 million=14.36million所以净收益=[($642 – $14.36）/$583.1]-1= 7.64%.注意这里的hure rate是在高水位水平上进行计算，而不是年初的AUM。 老师请问{$642 – [$610 × (1 + 0.04)]} × 0.20 = $1.52 million.这里为什么是610 × (1 + 0.04）如果是harrate的话是不是应该是（642-610）x0.2？

NO.PZ2018053101000017问题如下A hee funhthe following fee structure:Annumanagement fee baseon year-enAUM 2%Incentive fee 20%Hure rate before incentive fee collection starts 4%Current high-water mark $610 millionThe funha value of $583.1 million the beginning of the year. After one year, it ha value of $642 million before fees. The net return to investor for this yeis closest to:A.6.72%.B.6.80%.C.7.64%.C is correct.The management fee for the yeis $642 × 0.02 = $12.84 million.Because the enng value excee the high-water mark, the hee funccolleincentive fee. The incentive fee is{$642 – [$610 × (1 + 0.04)]} × 0.20 = $1.52 million.The net return to the investor for the yeis[($642 – $12.84 – $1.52)/$583.1] – 1 ≈ 0.07638 ≈ 7.64%.管理费=年底AUM*管理费率=$642 × 0.02 = $12.84 million因为642 610, 达到了之前高水位要求，可以拿到绩效奖绩效奖=[$642 –（$610 × 1.04)]× 0.20 = $1.52 million所以总费用=$12.84 million+$1.52 million=14.36million所以净收益=[($642 – $14.36）/$583.1]-1= 7.64%.注意这里的hure rate是在高水位水平上进行计算，而不是年初的AUM。老师这题若将hue rate 变为soft hure rate的话，请问基准怎么算？

NO.PZ2018053101000017问题如下A hee funhthe following fee structure:Annumanagement fee baseon year-enAUM 2%Incentive fee 20%Hure rate before incentive fee collection starts 4%Current high-water mark $610 millionThe funha value of $583.1 million the beginning of the year. After one year, it ha value of $642 million before fees. The net return to investor for this yeis closest to:A.6.72%.B.6.80%.C.7.64%.C is correct.The management fee for the yeis $642 × 0.02 = $12.84 million.Because the enng value excee the high-water mark, the hee funccolleincentive fee. The incentive fee is{$642 – [$610 × (1 + 0.04)]} × 0.20 = $1.52 million.The net return to the investor for the yeis[($642 – $12.84 – $1.52)/$583.1] – 1 ≈ 0.07638 ≈ 7.64%.管理费=年底AUM*管理费率=$642 × 0.02 = $12.84 million因为642 610, 达到了之前高水位要求，可以拿到绩效奖绩效奖=[$642 –（$610 × 1.04)]× 0.20 = $1.52 million所以总费用=$12.84 million+$1.52 million=14.36million所以净收益=[($642 – $14.36）/$583.1]-1= 7.64%.注意这里的hure rate是在高水位水平上进行计算，而不是年初的AUM。老师，能不能画个图，已经习惯了李老师上课的方法了。麻烦您纠正下我画的

NO.PZ2018053101000017 问题如下 A hee funhthe following fee structure:Annumanagement fee baseon year-enAUM 2%Incentive fee 20%Hure rate before incentive fee collection starts 4%Current high-water mark $610 millionThe funha value of $583.1 million the beginning of the year. After one year, it ha value of $642 million before fees. The net return to investor for this yeis closest to: A.6.72%. B.6.80%. C.7.64%. C is correct.The management fee for the yeis $642 × 0.02 = $12.84 million.Because the enng value excee the high-water mark, the hee funccolleincentive fee. The incentive fee is{$642 – [$610 × (1 + 0.04)]} × 0.20 = $1.52 million.The net return to the investor for the yeis[($642 – $12.84 – $1.52)/$583.1] – 1 ≈ 0.07638 ≈ 7.64%.管理费=年底AUM*管理费率=$642 × 0.02 = $12.84 million因为642 610, 达到了之前高水位要求，可以拿到绩效奖绩效奖=[$642 –（$610 × 1.04)]× 0.20 = $1.52 million所以总费用=$12.84 million+$1.52 million=14.36million所以净收益=[($642 – $14.36）/$583.1]-1= 7.64%.注意这里的hure rate是在高水位水平上进行计算，而不是年初的AUM。 而具体计算绩效奖，在既有水位线，又有hure rate要求时，绩效奖的计算基础是以高水位线为起点，到年底净值（AUM）之间部分，是按照超过高水位*（1+hure rate）作为基础来计算。为啥是超过高水位*（1+hure rate）作为基础呢。。。。不应该是超过高水位的部分就行么。。。