问题如下:
Which of the following fee structures most likely decreases the volatility of a portfolio’s net returns?
选项:
A.Incentive fees only
Management fees only
Neither incentive fees nor management fees
解释:
A is correct.
Because incentive fees are fees charged as a percentage of returns (reducing net gains in positive months and reducing net losses in negative months), its use lowers the standard deviation of realized returns. Charging a management fee (a fixed percentage based on assets) lowers the level of realized return without affecting the standard deviation of the return series.
你好,看了之前的回答,有两个点还是不明白,希望解答:
1.答案中的解释"Because incentive fees are fees charged as a percentage of returns (reducing net gains in positive months and reducing net losses in negative months), its use lowers the standard deviation of realized returns. "为什么说基金经理的incentive fee在亏损时会降低损失?incentive fee不是只有有positive return的时候收取,只是多拿走了投资者的收益?
2.为什么incentive fee会导致低估downside risk?
谢谢