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Tse0507 · 2019年05月16日

问一道题：NO.PZ2016031203000013

  1. CFA I
  2. Alternative

问题如下图：

    

选项：

A.

B.

C.

解释：


题目最后net of fees assessed at FOF，是什么中文翻译？为什么直译的话不是“列支的费用净占母基金投资额的百分比？”谢谢

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韩韩_品职助教 · 2019年05月16日

同学您好：

最后的问题是问净收益，题目的说法是annual return（年化的收益），后面的net of fees等等是修饰这个年化收益，就是说扣除掉管理费的净收益。

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NO.PZ2016031203000013 问题如下 Capricorn Funof Fun invests G100 million in eaof Alpha Hee FunanAHee Fun Capricorn FOF ha \"1 an10\" fee structure. Management fees anincentive fees are calculateinpenntly the enof eayear. After one year, net of their respective management anincentive fees, the investment in Alpha is valueatGBP80 million anthe investment in Ais valueGBP140 million. The annureturn to investor in Capricorn, net of fees assessethe funof fun level, is closest to: A.7.9%. B.8.0%. C.8.1%. A is correct.because the net investor return is 7.9%, calculateas:First, note th\"1 an10\" refers to a 1% management fee, ana 10% incentive fee.Enof yecapit= GBP140 million + GBP80 million = GBP220 millionManagement fee = GBP220 million × 1% = GBP2.2 millionIncentive fee = (GBP220 − GBP200) million × 10% = GBP2 millionTotfees to Capricorn = (GBP2.2 + GBP2) million = GBP4.2 millionInvestor net return: (GBP220 − GBP200 − GBP4.2) / GBP200 = 7.9%FOF年底的AUM=GBP140 million + GBP80 million = GBP220 million所以管理费=GBP220 million × 1% = GBP2.2 million本题绩效奖和管理费是单独计算因此，绩效奖=(GBP220 − GBP200) million × 10% = GBP2 million所以总费用=(GBP2.2 + GBP2) million = GBP4.2 million所以净收益=(GBP220 − GBP200 − GBP4.2) / GBP200 = 7.9% 老师能画图下吗

2024-01-25 20:54 2 · 回答

NO.PZ2016031203000013 问题如下 Capricorn Funof Fun invests G100 million in eaof Alpha Hee FunanAHee Fun Capricorn FOF ha \"1 an10\" fee structure. Management fees anincentive fees are calculateinpenntly the enof eayear. After one year, net of their respective management anincentive fees, the investment in Alpha is valueatGBP80 million anthe investment in Ais valueGBP140 million. The annureturn to investor in Capricorn, net of fees assessethe funof fun level, is closest to: A.7.9%. B.8.0%. C.8.1%. A is correct.because the net investor return is 7.9%, calculateas:First, note th\"1 an10\" refers to a 1% management fee, ana 10% incentive fee.Enof yecapit= GBP140 million + GBP80 million = GBP220 millionManagement fee = GBP220 million × 1% = GBP2.2 millionIncentive fee = (GBP220 − GBP200) million × 10% = GBP2 millionTotfees to Capricorn = (GBP2.2 + GBP2) million = GBP4.2 millionInvestor net return: (GBP220 − GBP200 − GBP4.2) / GBP200 = 7.9%FOF年底的AUM=GBP140 million + GBP80 million = GBP220 million所以管理费=GBP220 million × 1% = GBP2.2 million本题绩效奖和管理费是单独计算因此，绩效奖=(GBP220 − GBP200) million × 10% = GBP2 million所以总费用=(GBP2.2 + GBP2) million = GBP4.2 million所以净收益=(GBP220 − GBP200 − GBP4.2) / GBP200 = 7.9% ABC这个基金从100到140，有40能算Incentive fee。 记得有道例题是FOF结构的底层和上层基金都要计算incentive fee 和 management fee 的， 为什么这题只算了上层的费用， 题目中明明说了费用计算是Inpenntly的呀。

2023-11-04 17:24 1 · 回答

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2023-07-30 20:04 1 · 回答

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2022-11-03 11:31 1 · 回答

如果投资失败，原本100 现在变80，那还要付intencive fee吗

2020-03-03 11:24 2 · 回答