问题如下图：
选项：
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解释：
请问母基金从100增长到了133，那么子基金计算fees的时候为什么也要基于母基金的end value来计算？
韩韩_品职助教 · 2019年04月09日
同学您好，在FOF计算时，我们都是先计算底层子基金的各项费用，再根据扣除完底层基金所有费用后的净值来计算上层母基金的各项费用，这个题目我们就是先根据整体的100增长到133来计算底层基金的两项费用，然后再看扣完底层基金所有费用后的增值部分：133-9.26（底层基金全部费用）=123.74，我们再计算上层母基金的两项费用。可能你的理解存在一定偏差，是基金整体增值到133，其中底层基金经理负责直接投资，先根据约定计算底层的所得，扣除完底层基金费用剩下的净值再计算母基金的管理贡献（挑选合适的底层基金经理等）。其实质就是一笔钱（100亿），找到上层母基金要投资，上层母基金又委托下层基金投资，最后增值到133亿，然后人家底层基金经理先分管理费和绩效奖，然后扣除完底层所有费用后的剩余净值（123.74），才是计算上层母基金费用的基础，然后扣除完两层所有费用（9.26+3.49=12.75）后的120.25是客户最后投资的净值。
一颗自然卷 · 2019年04月09日
谢谢老师，非常清楚
NO.PZ2018053101000018 Unrlying funfees: Management fee = $133 million × 0.02 = $2.66 million. Incentive fee = ($133 – $100) million × 0.20 = $6.60 million. 问题1这一步为什么不扣除管理费？ Ash Lawn fees: AUM enof year, net of unrlying funfees = $133 million – $9.26 million = $123.74 million. Ash Lawn management fee = $123.74 million × 0.01 = $1.24 million (roun. AUM net of unrlying funfees anAsh Lawn management fee = ($123.74 – $1.24) million = $122.50 million(roun. Ash Lawn incentive fee = ($122.50 – $100) million × 0.10 = $2.25 million (roun. 问题2:为什么这个incentivefee里是扣除了管理费的？
老师您好，为什么是incentive fee是($133 – $100) million × 0.20 = $6.60 million，题目不是说要net of management fee么？为什么没有扣除management fee 部分呢？
$12.75 million. $12.87 million. B is correct. Totfees paito all fun (unrlying fun anAsh Lawn) are $12.75 million, consisting of unrlying funfees of $9.26 million anAsh Lawn fees of $3.49 million, calculatefollows: Unrlying funfees: Management fee = $133 million × 0.02 = $2.66 million. Incentive fee = ($133 – $100) million × 0.20 = $6.60 million. Totunrlying funfees ($2.66 + $6.60) million = $9.26 million. Ash Lawn fees: AUM enof year, net of unrlying funfees = $133 million – $9.26 million = $123.74 million. Ash Lawn management fee = $123.74 million × 0.01 = $1.24 million (roun. AUM net of unrlying funfees anAsh Lawn management fee = ($123.74 – $1.24) million = $122.50 million(roun. Ash Lawn incentive fee = ($122.50 – $100) million × 0.10 = $2.25 million (roun. TotAsh Lawn fees = ($1.24 + $2.25) million = $3.49 million (roun. Totfees of unrlying fun anAsh Lawn: ($9.26 + $3.49) million = $12.75 million (roun. 计算FoF总费用就要分别计算两层基金的费用 底层基金管理费=年底AUM*对应管理费率=$133 million × 0.02 = $2.66 million 绩效奖是单独计算的，因此直接在年底AUM基础上计算绩效奖=($133 – $100) million × 0.20 = $6.60 million 所以底层总的费用=($2.66 + $6.60) million = $9.26 million。 对于母基金来说，扣除完底层总费用后的年底AUM净值=$133 million – $9.26 million = $123.74 million 所以母基金管理费=$123.74 million × 0.01 = $1.24 million 母基金的绩效奖是按扣除完管理费净额计算=($123.74 – $1.24 - $100) *0.1=2.25million 所以母基金总费用=($1.24 + $2.25) million = $3.49 million 所以两层基金的总费用=($9.26 + $3.49) million = $12.75 million 133是母基金获得的？还是底层基金？
• 1% management fee (baseon year-enmarket value) 题目中的这个条件，说是母基金的management fee baseon year-enmarket value，扣除了unrlying funfees之后也是market value吗？ 虽然知道母基金的fee要扣除子基金fee之后计算，这里又看到market value还以为直接用133计算
$12.75 million. $12.87 million. B is correct. Totfees paito all fun (unrlying fun anAsh Lawn) are $12.75 million, consisting of unrlying funfees of $9.26 million anAsh Lawn fees of $3.49 million, calculatefollows: Unrlying funfees: Management fee = $133 million × 0.02 = $2.66 million. Incentive fee = ($133 – $100) million × 0.20 = $6.60 million. Totunrlying funfees ($2.66 + $6.60) million = $9.26 million. Ash Lawn fees: AUM enof year, net of unrlying funfees = $133 million – $9.26 million = $123.74 million. Ash Lawn management fee = $123.74 million × 0.01 = $1.24 million (roun. AUM net of unrlying funfees anAsh Lawn management fee = ($123.74 – $1.24) million = $122.50 million(roun. Ash Lawn incentive fee = ($122.50 – $100) million × 0.10 = $2.25 million (roun. TotAsh Lawn fees = ($1.24 + $2.25) million = $3.49 million (roun. Totfees of unrlying fun anAsh Lawn: ($9.26 + $3.49) million = $12.75 million (roun. 计算FoF总费用就要分别计算两层基金的费用 底层基金管理费=年底AUM*对应管理费率=$133 million × 0.02 = $2.66 million 绩效奖是单独计算的，因此直接在年底AUM基础上计算绩效奖=($133 – $100) million × 0.20 = $6.60 million 所以底层总的费用=($2.66 + $6.60) million = $9.26 million。 对于母基金来说，扣除完底层总费用后的年底AUM净值=$133 million – $9.26 million = $123.74 million 所以母基金管理费=$123.74 million × 0.01 = $1.24 million 母基金的绩效奖是按扣除完管理费净额计算=($123.74 – $1.24 - $100) *0.1=2.25million 所以母基金总费用=($1.24 + $2.25) million = $3.49 million 所以两层基金的总费用=($9.26 + $3.49) million = $12.75 million 怎么看出母基金的管理费是2%？