怎么分绩效奖是否按照扣除完管理费的净值计算

问题如下：

An investor invested $500 million in a hedge fund which has a "2 and 20" fee structure. Management fee is based on assets under management at year end, and incentive fee is based on 8% hurdle rate. At the year end, the hedge fund has appreciates 20%, what's the net return if incentive fee is calculated net of management fee?

选项：

12.49%.

15.68%.

18.32%.

解释：

B is correct.

要计算净收益，就要计算出总的各项费用：

年底的AUM=$500 million × (1+20%) = $600 million

因此，管理费= $600 million × 2% = $12 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=$600 million-$12 million=$588 million

考虑到8%的Hurdle rate要求，绩效奖计算基数=($588 − $500 *（1+8%））million=48million

绩效奖=48million*20%=$9.6 million

总的费用=($12 + $9.6) million = $21.6 million

净收益=($600 − $500 − $21.6) / $500 = 15.68%