问题如下：
United Capital is a hedge fund with $250 million of initial capital. United charges a 2% management fee based on assets under management at year end, and a 20% incentive fee based on returns in excess of an 8% hurdle rate. In its first year, United appreciates 16%. Assume management fees are calculated using end-of-period valuation. The investor’s net return assuming the performance fee is calculated net of the management fee is closest to:
选项：
A.11.58%.
B.12.54%.
C.12.80%.
解释：
B is correct.
The net investor return is 12.54%, calculated as:
End of year capital = $250 million × 1.16 = $290 million
Management fee = $290 million × 2% = $5.8 million
Hurdle amount = 8% of $250 million = $20 million;
Incentive fee = ($290 − $250 − $20 − $5.8) million × 20% = $2.84 million
Total fees to United Capital = ($5.8 + $2.84) million = $8.64 million
Investor net return: ($290 − $250 − $8.64) / $250 = 12.54%
要计算净收益，就要计算出总的各项费用：
年底的AUM=$250 million × 1.16 = $290 million
因此，管理费= $290 million × 2% = $5.8 million，本题绩效奖是按照扣除完管理费的净值计算
扣除完管理费的净值=$290 million-$5.8 million=$284.2 million
考虑到8%的Hurdle rate要求，绩效奖计算基数=($284.2 − $250 − $20）million=14.2million
绩效奖=14.2million*20%=$2.84 million
总的费用=($5.8 + $2.84) million = $8.64 million
净收益=($290 − $250 − $8.64) / $250 = 12.54%
什么时候是在算incentive fee 的时候需要加上hurdel rate的？是什么条件下在绩效奖金要加hurdel rate, 但是最终在算effecitve return 的时候却没有考虑hurdel rate. 对应经典题的 4.4 和4.2 的答案产生的困惑。
另外按note 的定义： hurdel rate 是只有收益率超过门槛回报率后，才能以超出的部分作为收益基础。 那么就应该是以290-250=40的剩余作为基础，为什么是直接250为基础乘以8%？
