问一道题：NO.PZ2018053101000016 [ CFA I ]

NO.PZ2018053101000016 问题如下 The following information applies to Rotun Aisors, a hee fun• $288 million in assets unr management (AUM) of prior year-en 2% management fee (baseon year-enAUM)• 20% incentive fee calculaten net of management feen using a 5% soft hure raten using a high-water mark (high-water mark is $357 million)• Current yefunreturn is 25%The totfee earneRotun in the current yeis closest to: A.$7.20 million. B.$20.16 million. C.$21.60 million. A is correct.Rotun earns a management fee of $7.20 million but es not earn incentive fee because the yearenfunvalue net of management fee es not exceethe high-water mark of $357 million.Rotun fees:Enof-yeAUM = Prior year-enAUM × (1 + Funreturn) = $288 million × 1.25 = $360 million$360 million × 2% = $7.20 million management fee$360 million – $7.2 million = $352.8 million AUM net of management feeThe year-enAUM net of fees es not exceethe $357 million high-water mark. Therefore, no incentive fee is earne年底AUM=年初AUM*（1+增长率）=$288 million × 1.25 = $360 million所以，管理费=$360 million × 2% = $7.20 million，因此扣除完管理费的年底净值=$360 million – $7.2 million = $352.8 million由于有高水位的要求，之前高点为$357 million，$352.8 million $357 million,未达到要求，所以不发绩效奖。GP只能拿到管理费部分。 高水位357，hure rate是5%，所以年末的AUM应该至少达到357*(1+5%)=374.85以上，才有可能拿绩效奖，现在年末AUM是360，所以没有绩效奖，只考虑管理费即可。

NO.PZ2018053101000016问题如下The following information applies to Rotun Aisors, a hee fun• $288 million in assets unr management (AUM) of prior year-en 2% management fee (baseon year-enAUM)• 20% incentive fee calculaten net of management feen using a 5% soft hure raten using a high-water mark (high-water mark is $357 million)• Current yefunreturn is 25%The totfee earneRotun in the current yeis closest to:A.$7.20 million.B.$20.16 million.C.$21.60 million.A is correct.Rotun earns a management fee of $7.20 million but es not earn incentive fee because the yearenfunvalue net of management fee es not exceethe high-water mark of $357 million.Rotun fees:Enof-yeAUM = Prior year-enAUM × (1 + Funreturn) = $288 million × 1.25 = $360 million$360 million × 2% = $7.20 million management fee$360 million – $7.2 million = $352.8 million AUM net of management feeThe year-enAUM net of fees es not exceethe $357 million high-water mark. Therefore, no incentive fee is earne年底AUM=年初AUM*（1+增长率）=$288 million × 1.25 = $360 million所以，管理费=$360 million × 2% = $7.20 million，因此扣除完管理费的年底净值=$360 million – $7.2 million = $352.8 million由于有高水位的要求，之前高点为$357 million，$352.8 million $357 million,未达到要求，所以不发绩效奖。GP只能拿到管理费部分。hure rate那条线什么情况下是在高水位线的基础上算，什么时候是在基础value上算呢

NO.PZ2018053101000016 问题如下 The following information applies to Rotun Aisors, a hee fun• $288 million in assets unr management (AUM) of prior year-en 2% management fee (baseon year-enAUM)• 20% incentive fee calculaten net of management feen using a 5% soft hure raten using a high-water mark (high-water mark is $357 million)• Current yefunreturn is 25%The totfee earneRotun in the current yeis closest to: A.$7.20 million. B.$20.16 million. C.$21.60 million. A is correct.Rotun earns a management fee of $7.20 million but es not earn incentive fee because the yearenfunvalue net of management fee es not exceethe high-water mark of $357 million.Rotun fees:Enof-yeAUM = Prior year-enAUM × (1 + Funreturn) = $288 million × 1.25 = $360 million$360 million × 2% = $7.20 million management fee$360 million – $7.2 million = $352.8 million AUM net of management feeThe year-enAUM net of fees es not exceethe $357 million high-water mark. Therefore, no incentive fee is earne年底AUM=年初AUM*（1+增长率）=$288 million × 1.25 = $360 million所以，管理费=$360 million × 2% = $7.20 million，因此扣除完管理费的年底净值=$360 million – $7.2 million = $352.8 million由于有高水位的要求，之前高点为$357 million，$352.8 million $357 million,未达到要求，所以不发绩效奖。GP只能拿到管理费部分。 高水位线是和扣除了管理费之后的数值比较吗？为什么有的题目是直接和年末aum 比较？

NO.PZ2018053101000016 $20.16 million. $21.60 million. A is correct. Rotun earns a management fee of $7.20 million but es not earn incentive fee because the yearenfunvalue net of management fee es not exceethe high-water mark of $357 million. Rotun fees: Enof-yeAUM = Prior year-enAUM × (1 + Funreturn) = $288 million × 1.25 = $360 million $360 million × 2% = $7.20 million management fee $360 million – $7.2 million = $352.8 million AUM net of management fee The year-enAUM net of fees es not exceethe $357 million high-water mark. Therefore, no incentive fee is earne 年底AUM=年初AUM*（1+增长率）=$288 million × 1.25 = $360 million 所以，管理费=$360 million × 2% = $7.20 million，因此扣除完管理费的年底净值=$360 million –  $7.2 million = $352.8 million 由于有高水位的要求，之前高点为$357 million，$352.8 million<$357 million,未达到要求，所以不发绩效奖。GP只能拿到管理费部分。题目有特别说明吗 还是默认这样

$20.16 million. $21.60 million. A is correct. Rotun earns a management fee of $7.20 million but es not earn incentive fee because the yearenfunvalue net of management fee es not exceethe high-water mark of $357 million. Rotun fees: Enof-yeAUM = Prior year-enAUM × (1 + Funreturn) = $288 million × 1.25 = $360 million $360 million × 2% = $7.20 million management fee $360 million – $7.2 million = $352.8 million AUM net of management fee The year-enAUM net of fees es not exceethe $357 million high-water mark. Therefore, no incentive fee is earne 年底AUM=年初AUM*（1+增长率）=$288 million × 1.25 = $360 million 所以，管理费=$360 million × 2% = $7.20 million，因此扣除完管理费的年底净值=$360 million –  $7.2 million = $352.8 million 由于有高水位的要求，之前高点为$357 million，$352.8 million<$357 million,未达到要求，所以不发绩效奖。GP只能拿到管理费部分。 ​是不是harhure rate才是在high-water*(1+hure rate）的基础上去计算incentive fee？这题是soft hure rate，是不是和初始本金比？但是因为有高水位，是不是基础就是high water？这个逻辑对吗？