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Zunniyaki · 2021年04月11日

答案C选项能麻烦翻译下么?

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NO.PZ201809170400000105

问题如下:

Based on Note 1, the fee on the Caribou Fund is best described as a:

选项:

A.

performance fee.

B.

management fee.

C.

administrative fee.

解释:

A is correct. Performance fees serve as an incentive for portfolio managers to achieve or outperform return objectives, to the benefit of both the manager and investors. Several performance fee structures exist, although performance fees tend to be "upward only"—that is, fees are earned by the manager when performance objectives are met, but fund investors are not reimbursed when performance is negative. Performance fees could be reduced following a period of poor performance, however. Fee calculations also reflect high-water marks. As described in Note 1, the fee for the Caribou Fund is a 15% share of any capital appreciation above a 7% threshold, with the use of a high-water mark, and is therefore a performance fee.

B is incorrect because management fees include direct costs of research (such as remuneration and expenses for investment analysts and portfolio managers) and the direct costs of portfolio management (e.g., software, trade processing costs, and compliance). Management fees are typically determined as a percentage of the funds under management.

C is incorrect because administrative fees include the processing of corporate actions such as rights issues and optional stock dividends, the measurement of performance and risk of a portfolio, and voting at company meetings. Generally, these functions are provided by an investment management firm itself and are included as part of the management fee.

老师,可否翻译下C选项答案是什么意思?

1 个答案

maggie_品职助教 · 2021年04月12日

嗨,爱思考的PZer你好:


NOTE1描述的是绩效奖,而选项C是行政费用。

行政费用包括基金经理处理公司的事务,如配股发行和可选股票股利,衡量投资组合的业绩和风险,以及代理股东投票。一般来说,这些事务由基金公司本身负责,并作为管理费的一部分。

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