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王楚溪 · 2020年03月09日

答案没看懂

问题如下:

Consider how Renaissance Technologies might justify a 5 plus 44% fee schedule. Assume that the incentive fee is applied after the management fee has been subtracted, that the management fee is applied to beginning-of-year assets, and that Renaissance has averaged a 35% return on assets under management in recent years.

选项:

解释:

Renaissance Technologies has performed spectacularly well, with returns averaging 35% per year. If it continues to earn 35%, investors will earn 0.56 * 30% or 16.8% per annum.

老师麻烦解释一下题目中的 5 plus 44% fee schedule是什么意思?答案里的0.56*30%是怎么算来的啊

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已采纳答案

小刘_品职助教 · 2020年03月10日

同学你好,

这个5 plus 44% fee schedule的模式是指管理人收5%的固定费,然后剩余部分拿取44%的管理费,所以投资人能拿到的就是剩余部分的56%。

按照35%的收益率为例,投资人能拿到的是(35%-5%)*(1-44%)=30%*0.56