NO.PZ2022122701000048
问题如下：
Which of the following fee structures most likely decreases the volatility of a portfolio’s net returns?
选项：
A.Incentive fees only
Management fees only
Neither incentive fees nor management fees
解释：
Correct Answer: A
Because incentive fees are fees charged as a percentage of returns (reducing net gains in positive months and reducing net losses in negative months), its use lowers the standard deviation of realized returns. Charging a management fee (a fixed percentage based on assets) lowers the level of realized return without affecting the standard deviation of the return series.
Because incentive fees are fees charged as a percentage of returns (reducing net gains in positive months and reducing net losses in negative months), its use lowers the standard deviation of realized returns. 【Q1 什么叫做Reduce net losses in negative months? 如果亏损了，就不会收incentive fee，但也不叫作reduce net loss 吧？】
