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AgnesWu · 2021年05月31日

CF是否要包括dividend的部分

  1. CFA I
  2. Portfolio

NO.PZ2015121801000136

问题如下：

At the beginning of Year 1, a fund has $10 million under management; it earns a return of 14% for the year. The fund attracts another $100 million at the start of Year 2 and earns a return of 8% for that year. The money-weighted rate of return is most likely:

选项：

A.

less than the time-weighted rate of return.

B.

the same as the time-weighted rate of return.

C.

greater than the time-weighted rate of return.

解释：

A is correct. Computation of the money-weighted return, r, requires finding the discount rate that sums the present value of cash flows to zero. Because most of the investment came during Year 2, the measure will be biased toward the performance of Year 2. The cash flows are as follows:
CF0 = -10
CF1 = -100
CF2 = +120.31

The terminal value is determined by summing the investment returns for each period [(10 × 1.14 × 1.08) + (100 × 1.08)] ， results in a value of r = 8.53%

The time-weighted return of the fund is = [(1.14)(1.08)] ^2-1= 10.96%

CF每期我都考虑了dividend的部分，是否理解错了，解题思路如下图，请老师讲解下，谢谢
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丹丹_品职答疑助手 · 2021年05月31日

嗨，从没放弃的小努力你好：


同学你好，题目中不涉及dividend的吧，请同学列出自己的计算过程，我看下你错在了哪里

----------------------------------------------
虽然现在很辛苦，但努力过的感觉真的很好，加油！

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