NO.PZ2021102801000016
问题如下：
At a meeting for the local municipal pension fund, a group of beneficiaries expressed concern about current investment management fees. The beneficiaries asked the Investment Committee for a fee summary of each manager in the portfolio.
The next day, a pension fund staff member briefed the Committee on the managers’ full contracted fee schedules. The Committee was surprised to hear that the managers work under numerous different fee structures and rates. A sample of these fee schedules for two managers is provided in Exhibit 1:
In explaining the differences, the staff member said that fee structures may lead to misestimates of portfolio risk. She also noted that performance-based fees sometimes are a close equivalent to a manager’s call option on active return.
Identify which manager’s fee structure is most similar to a call option on a share of active return. Justify your selection.
选项：
解释：
Hidden Lake 费用结构是对称的，可以排除这点是没错。但是 选择Carpenter Management感觉站不住脚，long call option不是亏损有限收益无限的吗，Carpenter Management有minimum fee，但它还有cap，收益有限啊。有没有老师再做个详细的解释呢，谢谢！
