临江仙 · 2020年02月28日
问题如下：
The fees of a hedge fund are 2% plus 20%. What is the investor’s return as an algebraic function of the hedge fund’s return? Consider all possible values of the hedge fund’s return.
Assume that the incentive fee is applied before the management fee has been subtracted, and the management fee is applied to the end-of-year assets under management.
选项：
解释：
The investor’s return R as a function of the hedge fund’s return, , is
if
if
这里条件应该是 RH与hurdle rate之间的判断，而不是0
NO.PZ2020011901000052问题如下The fees of a hee funare 2% plus 20%. Whis the investor’s return algebraic function of the hee funs return? Consir all possible values of the hee funs return. Assume ththe incentive fee is appliebefore the management fee hbeen subtracte anthe management fee is applieto the enof-yeassets unr management.The investor’s return R a function of the hee funs return, RHR_HRH, is0.8RH−0.02(1+RH)0.8R_H - 0.02(1 + R_H)0.8RH−0.02(1+RH) if RH 0R_H 0RH 0 RH−0.02(1+RH)R_H - 0.02(1 + R_H)RH−0.02(1+RH) if RH≤0R_H \leq 0RH≤0通过这两个例题，发现还挺复杂，理解完全错误。烦请详细说说，谢谢，到底如何计算。
请问0.02(1+RH)为什么代表的是incentive fee呀， 为什么不能直接用2%*Rh代表incentive fee呢
为什么Rh小于0的时候 就变成了Rh 而不是0.8Rh?
