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为什么又减1,为什么净收益是用602.5在减而不是用62.5减去19.15
韩韩_品职助教 · 2019年05月07日
同学您好:
计算一个投资的收益率=投资净收益/初始投资,然后乘以100%;对应本题,初始投资就是年初AUM0=515,投资完成后,整体增值到602.5,这是包含了年初的初始投资以及经过一个周期的投资获得的投资收益的和,在这个基础上扣掉总费用(19.15),剩下的602.5-19.15=583.35,是投资之后的净收益+年初初始投资的和(相当于钱存银行,1年后的本利和);也就是说,经过投资,获得投资净收益=583.35(602.5-19.15)-初始投资(515)=68.35。净收益率=68.35/515,也等于[(515+68.35)/515]-1。就是表达方式不一样而已。
NO.PZ2018062021000017问题如下 A hee funapplies for “2 an20” fee structure, current asset value is $515, management fee is baseon year-enasset value, hure rate is 5% before incentive fee collection starts, ancurrent high-water mark is $540. After one year, the hee funis $602.5. What’s the net return to investor?A.11.35%.B.12.68%.C.13.27%. C is correct.管理费=年底AUM*管理费率=$602.5 × 0.02 = $12.05 million因为602.5 540, 达到了之前高水位要求,可以拿到绩效奖绩效奖= [$602.5-$540×(1+5%)]×20%= $7.1 million所以总费用=$12.05 million+$7.1 million=19.15million所以净收益=[($602.5 – $19.15)/$515]-1=13.27%.这里因为绩效奖并没有说是否需要扣除管理费之后计算,所以按照两个费率独立的方式进行计算。 求绩效奖,为什么不用减去12.05管理费然后再乘以20%呢?
NO.PZ2018062021000017 问题如下 A hee funapplies for “2 an20” fee structure, current asset value is $515, management fee is baseon year-enasset value, hure rate is 5% before incentive fee collection starts, ancurrent high-water mark is $540. After one year, the hee funis $602.5. What’s the net return to investor? A.11.35%. B.12.68%. C.13.27%. C is correct.管理费=年底AUM*管理费率=$602.5 × 0.02 = $12.05 million因为602.5 540, 达到了之前高水位要求,可以拿到绩效奖绩效奖= [$602.5-$540×(1+5%)]×20%= $7.1 million所以总费用=$12.05 million+$7.1 million=19.15million所以净收益=[($602.5 – $19.15)/$515]-1=13.27%.这里因为绩效奖并没有说是否需要扣除管理费之后计算,所以按照两个费率独立的方式进行计算。 年初AUV乘以Hure rate 515*1.05 = 567,比高水位540还要高,这样不是没有达到高水位的标准吗,为什么还可以算incentive fee
NO.PZ2018062021000017 问题如下 A hee funapplies for “2 an20” fee structure, current asset value is $515, management fee is baseon year-enasset value, hure rate is 5% before incentive fee collection starts, ancurrent high-water mark is $540. After one year, the hee funis $602.5. What’s the net return to investor? A.11.35%. B.12.68%. C.13.27%. C is correct.管理费=年底AUM*管理费率=$602.5 × 0.02 = $12.05 million因为602.5 540, 达到了之前高水位要求,可以拿到绩效奖绩效奖= [$602.5-$540×(1+5%)]×20%= $7.1 million所以总费用=$12.05 million+$7.1 million=19.15million所以净收益=[($602.5 – $19.15)/$515]-1=13.27%.这里因为绩效奖并没有说是否需要扣除管理费之后计算,所以按照两个费率独立的方式进行计算。 请问老师,(1)一道题目中如果既有高水位,又有hure rate,且高水位高于期初FV,要在高水位的基础上进行hure rate 是吗?(2)如果高水位低于期初FV,就在起初FV进行hure rate?
NO.PZ2018062021000017 问题如下 A hee funapplies for “2 an20” fee structure, current asset value is $515, management fee is baseon year-enasset value, hure rate is 5% before incentive fee collection starts, ancurrent high-water mark is $540. After one year, the hee funis $602.5. What’s the net return to investor? A.11.35%. B.12.68%. C.13.27%. C is correct.管理费=年底AUM*管理费率=$602.5 × 0.02 = $12.05 million因为602.5 540, 达到了之前高水位要求,可以拿到绩效奖绩效奖= [$602.5-$540×(1+5%)]×20%= $7.1 million所以总费用=$12.05 million+$7.1 million=19.15million所以净收益=[($602.5 – $19.15)/$515]-1=13.27%.这里因为绩效奖并没有说是否需要扣除管理费之后计算,所以按照两个费率独立的方式进行计算。 hure rate计算出来是515成1.05得540.75,high water Mark是540,计算incentive fee时不应该减去540.75吗?
NO.PZ2018062021000017 问题如下 A hee funapplies for “2 an20” fee structure, current asset value is $515, management fee is baseon year-enasset value, hure rate is 5% before incentive fee collection starts, ancurrent high-water mark is $540. After one year, the hee funis $602.5. What’s the net return to investor? A.11.35%. B.12.68%. C.13.27%. C is correct.管理费=年底AUM*管理费率=$602.5 × 0.02 = $12.05 million因为602.5 540, 达到了之前高水位要求,可以拿到绩效奖绩效奖= [$602.5-$540×(1+5%)]×20%= $7.1 million所以总费用=$12.05 million+$7.1 million=19.15million所以净收益=[($602.5 – $19.15)/$515]-1=13.27%. 绩效奖= [$602.5-$540×(1+5%)]×20%= $7.1 million,这里计算绩效奖,为什么要在之前的high warter mark上再乘以(1+5%)?