题目没有说incentive是on profits net of management fees 还是on profits before management fees，这怎么判断是net还是before，考试会出现这种没有说清楚的题目吗

NO.PZ2018062021000017问题如下 A hee funapplies for “2 an20” fee structure, current asset value is $515, management fee is baseon year-enasset value, hure rate is 5% before incentive fee collection starts, ancurrent high-water mark is $540. After one year, the hee funis $602.5. What’s the net return to investor?A.11.35%.B.12.68%.C.13.27%. C is correct.管理费=年底AUM*管理费率=$602.5 × 0.02 = $12.05 million因为602.5 540, 达到了之前高水位要求，可以拿到绩效奖绩效奖= [$602.5-$540×(1+5%)]×20%= $7.1 million所以总费用=$12.05 million+$7.1 million=19.15million所以净收益=[($602.5 – $19.15）/$515]-1=13.27%.这里因为绩效奖并没有说是否需要扣除管理费之后计算，所以按照两个费率独立的方式进行计算。 求绩效奖，为什么不用减去12.05管理费然后再乘以20%呢？

NO.PZ2018062021000017 问题如下 A hee funapplies for “2 an20” fee structure, current asset value is $515, management fee is baseon year-enasset value, hure rate is 5% before incentive fee collection starts, ancurrent high-water mark is $540. After one year, the hee funis $602.5. What’s the net return to investor? A.11.35%. B.12.68%. C.13.27%. C is correct.管理费=年底AUM*管理费率=$602.5 × 0.02 = $12.05 million因为602.5 540, 达到了之前高水位要求，可以拿到绩效奖绩效奖= [$602.5-$540×(1+5%)]×20%= $7.1 million所以总费用=$12.05 million+$7.1 million=19.15million所以净收益=[($602.5 – $19.15）/$515]-1=13.27%.这里因为绩效奖并没有说是否需要扣除管理费之后计算，所以按照两个费率独立的方式进行计算。 年初AUV乘以Hure rate 515*1.05 = 567，比高水位540还要高，这样不是没有达到高水位的标准吗，为什么还可以算incentive fee

NO.PZ2018062021000017 问题如下 A hee funapplies for “2 an20” fee structure, current asset value is $515, management fee is baseon year-enasset value, hure rate is 5% before incentive fee collection starts, ancurrent high-water mark is $540. After one year, the hee funis $602.5. What’s the net return to investor? A.11.35%. B.12.68%. C.13.27%. C is correct.管理费=年底AUM*管理费率=$602.5 × 0.02 = $12.05 million因为602.5 540, 达到了之前高水位要求，可以拿到绩效奖绩效奖= [$602.5-$540×(1+5%)]×20%= $7.1 million所以总费用=$12.05 million+$7.1 million=19.15million所以净收益=[($602.5 – $19.15）/$515]-1=13.27%.这里因为绩效奖并没有说是否需要扣除管理费之后计算，所以按照两个费率独立的方式进行计算。 请问老师，（1）一道题目中如果既有高水位，又有hure rate，且高水位高于期初FV，要在高水位的基础上进行hure rate 是吗？（2）如果高水位低于期初FV，就在起初FV进行hure rate？

NO.PZ2018062021000017 问题如下 A hee funapplies for “2 an20” fee structure, current asset value is $515, management fee is baseon year-enasset value, hure rate is 5% before incentive fee collection starts, ancurrent high-water mark is $540. After one year, the hee funis $602.5. What’s the net return to investor? A.11.35%. B.12.68%. C.13.27%. C is correct.管理费=年底AUM*管理费率=$602.5 × 0.02 = $12.05 million因为602.5 540, 达到了之前高水位要求，可以拿到绩效奖绩效奖= [$602.5-$540×(1+5%)]×20%= $7.1 million所以总费用=$12.05 million+$7.1 million=19.15million所以净收益=[($602.5 – $19.15）/$515]-1=13.27%.这里因为绩效奖并没有说是否需要扣除管理费之后计算，所以按照两个费率独立的方式进行计算。 hure rate计算出来是515成1.05得540.75，high water Mark是540，计算incentive fee时不应该减去540.75吗？

NO.PZ2018062021000017 问题如下 A hee funapplies for “2 an20” fee structure, current asset value is $515, management fee is baseon year-enasset value, hure rate is 5% before incentive fee collection starts, ancurrent high-water mark is $540. After one year, the hee funis $602.5. What’s the net return to investor? A.11.35%. B.12.68%. C.13.27%. C is correct.管理费=年底AUM*管理费率=$602.5 × 0.02 = $12.05 million因为602.5 540, 达到了之前高水位要求，可以拿到绩效奖绩效奖= [$602.5-$540×(1+5%)]×20%= $7.1 million所以总费用=$12.05 million+$7.1 million=19.15million所以净收益=[($602.5 – $19.15）/$515]-1=13.27%. 绩效奖= [$602.5-$540×(1+5%)]×20%= $7.1 million，这里计算绩效奖，为什么要在之前的high warter mark上再乘以(1+5%)?