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lujiaa · 2018年05月15日

问一道题：NO.PZ2016031203000012 [ CFA I ]

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请问一下题目条件从哪里判断出来是用soft hurdle的方式计算？李老师课上说一般不说明都用hard？最后计算net return是以初始金额为准的，没有刨除hurdle amount


问题如下图：

    

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A.

B.

C.

解释：



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韩韩_品职助教 · 2018年05月16日

同学你好， net return就是投资者实际获得的收益/初始投资，实际获得的收益是投资升值（290-250）减去LP需要分给GP的费用，这个费用包括两方面，管理费和业绩绩效，管理费这个题目是按照年末资产值来计的，业绩绩效按照扣除管理费用和hurdle rate的部分来计算。

如果题目中给出了hurdle rate, 那么就按照hurdle rate的要求来发绩效奖，题目解答中net revenue是以初始金额来算的~

kevinzhu · 2020年02月20日

incentive fee的计算还有return扣除management fee之后再计算?

韩韩_品职助教 · 2020年02月23日

是否要扣除取决于题目的说法，如果说net of mgmt fee, 那么就扣除之后算，如果是indpendently, 那就是两者分开来计算，建议听一下课后题这个知识点的讲解，基本上把各种情况的计算类型都讲到了。

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NO.PZ2016031203000012问题如下UniteCapitis a hee funwith $250 million of initicapital. Unitecharges a 2% management fee baseon assets unr management yeen ana 20% incentive fee baseon returns in excess of 8% hure rate. In its first year, Uniteappreciates 16%. Assume management fees are calculateusing enof-periovaluation. The investor’s net return assuming the performanfee is calculatenet of the management fee is closest to:A.11.58%.B.12.54%.C.12.80%.B is correct.The net investor return is 12.54%, calculateas:Enof yecapit= $250 million × 1.16 = $290 millionManagement fee = $290 million × 2% = $5.8 millionHure amount = 8% of $250 million = $20 million;Incentive fee = ($290 − $250 − $20 − $5.8) million × 20% = $2.84 millionTotfees to UniteCapit= ($5.8 + $2.84) million = $8.64 millionInvestor net return: ($290 − $250 − $8.64) / $250 = 12.54%要计算净收益，就要计算出总的各项费用年底的AUM=$250 million × 1.16 = $290 million因此，管理费= $290 million × 2% = $5.8 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=$290 million-$5.8 million=$284.2 million考虑到8%的Hure rate要求，绩效奖计算基数=($284.2 − $250 − $20）million=14.2million绩效奖=14.2million*20%=$2.84 million总的费用=($5.8 + $2.84) million = $8.64 million净收益=($290 − $250 − $8.64) / $250 = 12.54%本题绩效奖是按照扣除完管理费的净值计算 哪里说了

2024-03-09 13:25 1 · 回答

NO.PZ2016031203000012 问题如下 UniteCapitis a hee funwith $250 million of initicapital. Unitecharges a 2% management fee baseon assets unr management yeen ana 20% incentive fee baseon returns in excess of 8% hure rate. In its first year, Uniteappreciates 16%. Assume management fees are calculateusing enof-periovaluation. The investor’s net return assuming the performanfee is calculatenet of the management fee is closest to: A.11.58%. B.12.54%. C.12.80%. B is correct.The net investor return is 12.54%, calculateas:Enof yecapit= $250 million × 1.16 = $290 millionManagement fee = $290 million × 2% = $5.8 millionHure amount = 8% of $250 million = $20 million;Incentive fee = ($290 − $250 − $20 − $5.8) million × 20% = $2.84 millionTotfees to UniteCapit= ($5.8 + $2.84) million = $8.64 millionInvestor net return: ($290 − $250 − $8.64) / $250 = 12.54%要计算净收益，就要计算出总的各项费用年底的AUM=$250 million × 1.16 = $290 million因此，管理费= $290 million × 2% = $5.8 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=$290 million-$5.8 million=$284.2 million考虑到8%的Hure rate要求，绩效奖计算基数=($284.2 − $250 − $20）million=14.2million绩效奖=14.2million*20%=$2.84 million总的费用=($5.8 + $2.84) million = $8.64 million净收益=($290 − $250 − $8.64) / $250 = 12.54% 本题中的8%hure rate在计算中如何区分har是soft，谢谢。

2023-03-15 12:35 1 · 回答

NO.PZ2016031203000012 题目中没有提到before or net of management, 这应该怎么做？

2021-11-04 11:17 1 · 回答

12.54%. 12.80%. B is correct. The net investor return is 12.54%, calculateas: Enof yecapit= $250 million × 1.16 = $290 million Management fee = $290 million × 2% = $5.8 million Hure amount = 8% of $250 million = $20 million; Incentive fee = ($290 − $250 − $20 − $5.8) million × 20% = $2.84 million Totfees to UniteCapit= ($5.8 + $2.84) million = $8.64 million Investor net return: ($290 − $250 − $8.64) / $250 = 12.54% 要计算净收益，就要计算出总的各项费用 年底的AUM=$250 million × 1.16 = $290 million 因此，管理费= $290 million × 2% = $5.8 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=$290 million-$5.8 million=$284.2 million 考虑到8%的Hure rate要求，绩效奖计算基数=($284.2 − $250 − $20）million=14.2million 绩效奖=14.2million*20%=$2.84 million 总的费用=($5.8 + $2.84) million = $8.64 million 净收益=($290 − $250 − $8.64) / $250 = 12.54% 不应该是直接这公式来减去那个基准吗？晕了晕了

2021-06-29 13:27 1 · 回答

NO.PZ2016031203000012 12.54%. 12.80%. B is correct. The net investor return is 12.54%, calculateas: Enof yecapit= $250 million × 1.16 = $290 million Management fee = $290 million × 2% = $5.8 million Hure amount = 8% of $250 million = $20 million; Incentive fee = ($290 − $250 − $20 − $5.8) million × 20% = $2.84 million Totfees to UniteCapit= ($5.8 + $2.84) million = $8.64 million Investor net return: ($290 − $250 − $8.64) / $250 = 12.54% 要计算净收益，就要计算出总的各项费用 年底的AUM=$250 million × 1.16 = $290 million 因此，管理费= $290 million × 2% = $5.8 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=$290 million-$5.8 million=$284.2 million 考虑到8%的Hure rate要求，绩效奖计算基数=($284.2 − $250 − $20）million=14.2million 绩效奖=14.2million*20%=$2.84 million 总的费用=($5.8 + $2.84) million = $8.64 million 净收益=($290 − $250 − $8.64) / $250 = 12.54%请问那块-20是从哪来的

2021-05-06 20:11 1 · 回答