SkipperLin · 2020年03月19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 after the management fee has been subtracted and that the management fee is applied to the beginning-of-year assets under management.
选项：
解释：
The investor’s return as a function of the hedge fund’s return, , is
if
if
这个题目答案给的式子对么 不make sense呀
小刘_品职助教 · 2020年03月19日
同学你好，这道题答案是对的。
费率结构仍然是2%的管理费和20%的incentive fee
这道题需要跟PZ2020011901000052这道题对比来看，这道题的差别是
（1）incentive fee是在management fee扣除之后计算
（2）management fee 是以一年的最开始进行计算
对于RH>0.02的情况，既有管理费又有incentive fee
那就先扣管理费，RH-0.02，在此基础上再扣20%的incentive fee，所以最后是0.8*（RH-0.02）
对于RH<=0.02的情况,就只有管理费 那就是RH-0.02
对于计算investor’s return的这类题，建议同学一定要先看懂费率结构，然后更重要的是弄清哪个费率在先扣除，以及不同费率扣除的基准，不然很容易困惑:-)
NO.PZ2020011901000051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 applieafter the management fee hbeen subtracteanththe management fee is applieto the beginning-of-yeassets unr management. The investor’s return a function of the hee funs return, RHR_HRH, is0.8(RH−0.02)0.8(R_H - 0.02)0.8(RH−0.02) if RH 0.02R_H 0.02RH 0.02RH−0.02R_H - 0.02RH−0.02 if RH≤0.02R_H \leq 0.02RH≤0.02老师，哪句话能看出收益率以2%为界限啊？
NO.PZ2020011901000051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 applieafter the management fee hbeen subtracteanththe management fee is applieto the beginning-of-yeassets unr management. The investor’s return a function of the hee funs return, RHR_HRH, is0.8(RH−0.02)0.8(R_H - 0.02)0.8(RH−0.02) if RH 0.02R_H 0.02RH 0.02RH−0.02R_H - 0.02RH−0.02 if RH≤0.02R_H \leq 0.02RH≤0.02激励费计算在本题目中应该有最低门槛的要求吧
