问题如下图：
选项：
A. 
B. 
C. 
解释：
如果有高水位，又是超过前一年末的资产净值的，是不是表示已经计提过业绩报酬，那就必然已经超过了soft hurdle rate?后续只要超过高水位的部分（扣除管理费之后），就需要计提业绩报酬，不需要每次都去比对hurdle rate了？
韩韩_品职助教 · 2019年05月09日
同学您好：
举个连续4年的例子，第一年年初AUM1=90,第二年年初（也是第一年年底！）AUM2=102，第三年年初AUM3=95，第4年年初AUM4=110，假如我们现在计算的是第三年到第四年这1年的业绩报酬，那么102就是之前的一个high water mark（可以自己在纸上画个折线图，连接90、102、95、110这四个点，高低不同就能看出来），此时95到102这一段是之前发过业绩报酬的，也就是你提问题的前半部分，这是对的。但是最后一年绩效奖计算时，高水位的条件和hurdle rate条件理论上是两个独立的条件，不一定说只要超过高水位就一定超过hurdle rate，只不过我们常见的题目中都是high water都要高于hurdle rate。比如我们上面的例子中，年初是95，年底涨到110，之前高点是102，假如最后一年要求的hurdle rate要求时8%，即：年底值要超过102*1.08=110.16，才可以拿绩效奖，这就成了满足了高水位，但是没满足hurdle rate要求，所以也是有可能的。但是实际上我们考试题目出的非常常规，建议就按照我们讲课时老师教的方法画竖线图，标出不同要求的点位，顺便也就比较了所有要求的条件是否满足，这样肯定也不会有遗漏。
JeuxInterdits · 2019年05月10日
了解了，也就是说不管是soft hurdle rate 还是 hard hurdle rate，都是在高水位的基础上来计算年化收益率，每次计提业绩报酬都需要计算和比对，谢谢。 PS：怎么这个回答很像李老师的讲课风格，哈哈
韩韩_品职助教 · 2019年05月10日
对的，考试加油！
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？