老师您好:
问题:1.这道题的解释是由于对比高水位357,按照严谨的解释应该和357*(1+5%)做对比吧(因为题目中提到了5%soft hardle rate)?
2.拓展一下,假设减去管理费后的值大于357*105%,
(1)那么soft hurdle rate怎么理解?计算绩效奖金:(减去管理费后的值-357)*20%来计算吗?
(2)如果是hardle rate 5%,计算绩效奖金:(减去管理费后的值-357(1+5%))*20%来计算吗?
3.对比这道题,图片中的这道题为什么直接用642-610(1+4%),642不扣管理费就直接计算绩效奖金? (图片附本题下面)——
附:原题
The following information applies to Rotunda Advisors, a hedge fund:
• $288 million in assets under management (AUM) as of prior year-end
• 2% management fee (based on year-end AUM)
• 20% incentive fee calculated:
n net of management fee
n using a 5% soft hurdle rate
n using a high-water mark (high-water mark is $357 million)
• Current year fund return is 25%
The total fee earned by Rotunda in the current year is closest to:
选项:
A.$7.20 million.
B.$20.16 million.
C.$21.60 million.
Rotunda earns a management fee of $7.20 million but does not earn an incentive fee because the yearend fund value net of management fee does not exceed the high-water mark of $357 million.