问题如下：
Ash Lawn Partners, a fund of hedge funds, has the following fee structure:
• 2/20 underlying fund fees with incentive fees calculated independently
• Ash Lawn fees are calculated net of all underlying fund fees
• 1% management fee (based on year-end market value)
• 10% incentive fee calculated net of management fee
• The fund and all underlying funds have no hurdle rate or high-water mark fee conditions
In the latest year, Ash Lawn’s fund value increased from $100 million to $133 million before deduction of management and incentive fees of the fund or underlying funds. Based on the information provided, the total fee earned by all funds in the aggregate is closest to:
选项：
A.$11.85 million.
B.$12.75 million.
C.$12.87 million.
解释：
B is correct.
Total fees paid to all funds (underlying funds and Ash Lawn) are $12.75 million, consisting of underlying fund fees of $9.26 million and Ash Lawn fees of $3.49 million, calculated as follows:
Underlying fund fees:
Management fee = $133 million × 0.02 = $2.66 million.
Incentive fee = ($133 – $100) million × 0.20 = $6.60 million.
Total underlying fund fees ($2.66 + $6.60) million = $9.26 million.
Ash Lawn fees:
AUM at end of year, net of underlying fund fees = $133 million – $9.26 million = $123.74 million.
Ash Lawn management fee = $123.74 million × 0.01 = $1.24 million (rounded).
AUM net of underlying fund fees and Ash Lawn management fee = ($123.74 – $1.24) million = $122.50 million(rounded).
Ash Lawn incentive fee = ($122.50 – $100) million × 0.10 = $2.25 million (rounded).
Total Ash Lawn fees = ($1.24 + $2.25) million = $3.49 million (rounded).
Total fees of underlying funds and Ash Lawn:
($9.26 + $3.49) million = $12.75 million (rounded).
计算FoF总费用就要分别计算两层基金的费用：
底层基金管理费=年底AUM*对应管理费率=$133 million × 0.02 = $2.66 million
绩效奖是单独计算的，因此直接在年底AUM基础上计算绩效奖=($133 – $100) million × 0.20 = $6.60 million
所以底层总的费用=($2.66 + $6.60) million = $9.26 million。
对于母基金来说，扣除完底层总费用后的年底AUM净值=$133 million – $9.26 million = $123.74 million
所以母基金管理费=$123.74 million × 0.01 = $1.24 million
母基金的绩效奖是按扣除完管理费净额计算=($123.74 – $1.24 - $100) *0.1=2.25million
所以母基金总费用=($1.24 + $2.25) million = $3.49 million
所以两层基金的总费用=($9.26 + $3.49) million = $12.75 million
看了前面韩韩老师的解答，没能看懂。可否换一个老师，更加清晰的解答以下，下面的问题：
为什么在底层基金和母基金计算绩效奖时，一个是扣除管理费后，一个是不用？题目中并无明确暗示。
对于底层基金：绩效奖是单独计算的，因此直接在年底AUM基础上计算绩效奖=($133 – $100) million × 0.20 = $6.60 million
对于母基金：母基金的绩效奖是按扣除完管理费净额计算=($123.74 – $1.24 - $100) *0.1=2.25million
