NO.PZ2023040201000074
问题如下：
High Plains Capital is a hedge fund with a portfolio valued at $475,000,000 at the beginning of the year. One year later, the value of assets under management is $541,500,000. The hedge fund charges a 1.5% management fee based on the end-of-year portfolio value, and a 10% incentive fee. If the incentive fee and management fee are calculated independently, the effective return for a hedge fund investor is closest to:选项：
A.10.89%. B.11.06%. C.12.29%.解释：
The management fee = $541,500,000 × 0.015 = $8,122,500
The incentive fee = ($541,500,000 - $475,000,000) × 0.10 = $6,650,000
Total fees = $14,772,500
The effective return=(541,500,000—14,772,500-475,000,000)/475,000,000=10.89%
借题问一下收取管理费都是从终值里收取吗？就比如10涨到15，就直接从15里面收取？不是最初的投资吗
还有如果计算return的时候没有写net mangement fee或者independently就不用扣减管理费和绩效费？
