问题如下:
A hedge fund invested $300 million one year ago, it uses 2/20 fee structure. Management fee and incentive fee are calculated independently using the year-end value. The fund appreciates by 20%,what's the net return for the investor?
选项:
A. 12.8%.
B. 13.6%.
C. 14.2%.
解释:
B is correct.
Year end asset value = $300 × (1+20%) = $360 million
Management fee = $360 × 0.02 = $7.2 million.
Incentive fee is ($360 million - $300 million) × 0.20 = $12 million.
Net return = ($360 - $7.2 - $12) / $300 = 13.6%
这里的fee structure可以分享一下吗: 2/20怎么看。不是10%?