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早早 · 2022年11月05日

答案解析中的8.53是怎么算出来的？

  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)] ^0.5-1= 10.96%

答案解析中的8.53是怎么算出来的？

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1 个答案

pzqa27 · 2022年11月05日

嗨，从没放弃的小努力你好：


用计算器上IRR的功能就可以算出来，先用CF这个功能输入现金流，然后CPT，接着按IRR即可，具体操作同学可以参考下早读课，里面有详细的计算器按法介绍

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加油吧，让我们一起遇见更好的自己！

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