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daisy0405 · 2019年09月14日

问一道题：NO.PZ2016031203000013 [ CFA I ]

  1. CFA I
  2. Alternative

问题如下图：

选项：

A.

B.

C.

解释：

请问这道题目为什么不减去management fee？

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1 个答案

韩韩_品职助教 · 2019年09月15日

同学您好：

     这个题目中明确告诉我们管理费和绩效奖是单独计算的（fees are calculated independently），所以计算绩效奖时不用再扣除管理费，建议做题时养成良好的读题习惯，看见重要条件直接标出（如本题中的independently），这样在面对条件繁杂的题目时，也能准确的抓住要点，快速解题。

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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

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%老师请翻译题目内容。我理解，80和140都是年末 单独 扣除管理费和激励费后的数字，为什么不直接（80+140-200）/200呢？

2023-07-30 20:04 1 · 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% 图片是上课讲的FOF的例子。在算母基金时，期末收益是240-(2+4)*2，抛去了子基金的绩效奖和管理费。所以本题在算母基金年末收益的时候，为什么直接80+140=220，而不是（80+140）- (1.6+2.8+8) 呢？

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