一样的问题

NO.PZ2022122701000054 问题如下 a meeting for the locmunicippension fun a group of beneficiaries expresseconcern about current investment management fees. The beneficiaries askethe Investment Committee for a fee summary of eamanager in the portfolio.The next y, a pension funstmember briefethe Committee on the managers’ full contractefee scheles. The Committee wsurpriseto heththe managers work unr numerous fferent fee structures anrates. A sample of these fee scheles for two managers is proviin Exhibit 1:In explaining the fferences, the stmember saithfee structuresmleto misestimates of portfolio risk. She also notethatperformance-basefees sometimes are a close equivalent to a manager’s calloption on active return. Intify whimanager’s fee structure is mostsimilto a call option on a share of active return. Justify your selection. CorreAnswer: 如题。

NO.PZ2022122701000054 问题如下 a meeting for the locmunicippension fun a group of beneficiaries expresseconcern about current investment management fees. The beneficiaries askethe Investment Committee for a fee summary of eamanager in the portfolio.The next y, a pension funstmember briefethe Committee on the managers’ full contractefee scheles. The Committee wsurpriseto heththe managers work unr numerous fferent fee structures anrates. A sample of these fee scheles for two managers is proviin Exhibit 1:In explaining the fferences, the stmember saithfee structuresmleto misestimates of portfolio risk. She also notethatperformance-basefees sometimes are a close equivalent to a manager’s calloption on active return. Intify whimanager’s fee structure is mostsimilto a call option on a share of active return. Justify your selection. CorreAnswer: 老李的讲解没听明白，我看了几个答疑之后，想到的，麻烦老师帮我确认一下。Hien lake的话，是有0.3%的base fee，然后这个15%，没有写minimum，如果收益低于0.3%，那就要付出一定的钱，那其实这个的图形，就是一条直线，和股票一样，做得好就是多拿，做的不好还要倒贴。一条直线，所以是对称的。那Carpenter，是写了0.18%是minimum fee，那就是如果它的收益是低于0.18%的，它就不用付钱，最低不管怎么样都能拿到0.18%，然后超过base fee的部分，就可以拿到20%的提成，但是如果太多了，它也就只能拿到0.8%的收益。那这个图形，其实是一个collar的图形吧？就是有下限，也有上限。但这个不也是对称的吗？（就旋转180°，他们不就一样了吗？因为那个直线，也是旋转180°一样呀？）那这样的话，不对称结构才是call option，就都不是了呀。。。（其实我当时的理解是，call option，就是收益率有下限，没有上限，但是两个好像都不符合，因为hien lake会亏，然后carpenter有上限。）所以，老师你看下我的理解错在哪里。谢谢。

NO.PZ2022122701000054 问题如下 a meeting for the locmunicippension fun a group of beneficiaries expresseconcern about current investment management fees. The beneficiaries askethe Investment Committee for a fee summary of eamanager in the portfolio.The next y, a pension funstmember briefethe Committee on the managers’ full contractefee scheles. The Committee wsurpriseto heththe managers work unr numerous fferent fee structures anrates. A sample of these fee scheles for two managers is proviin Exhibit 1:In explaining the fferences, the stmember saithfee structuresmleto misestimates of portfolio risk. She also notethatperformance-basefees sometimes are a close equivalent to a manager’s calloption on active return. Intify whimanager’s fee structure is mostsimilto a call option on a share of active return. Justify your selection. CorreAnswer: 1

NO.PZ2022122701000054问题如下 a meeting for the locmunicippension fun a group of beneficiaries expresseconcern about current investment management fees. The beneficiaries askethe Investment Committee for a fee summary of eamanager in the portfolio.The next y, a pension funstmember briefethe Committee on the managers’ full contractefee scheles. The Committee wsurpriseto heththe managers work unr numerous fferent fee structures anrates. A sample of these fee scheles for two managers is proviin Exhibit 1:In explaining the fferences, the stmember saithfee structuresmleto misestimates of portfolio risk. She also notethatperformance-basefees sometimes are a close equivalent to a manager’s calloption on active return. Intify whimanager’s fee structure is mostsimilto a call option on a share of active return. Justify your selection. CorreAnswer: 怎么看出Hien Lake是对称的呢