NO.PZ2023091802000012
问题如下：
An analyst at a hedge fund is estimating the
incentive fees the hedge fund has earned over the last two years. The hedge
fund documentation states that management fees are calculated based on the
value of the fund's assets at the beginning of each year. The analyst has the
following information about the hedge fund:
•
Management fee: 2%
•
Incentive fee: 20%
•
Asset value at beginning of year 1: USD 200 million
•
Return on assets in year 1: 20%
•
Return on assets in year 2: 10%
Which of
the following is closest to the total amount of incentive fees the hedge fund
collects over the 2-year period?
选项：
A.USD 6.6 million
B.USD 10.9 million
C.USD 12.6 million
D.USD 15.4 million
解释：
B is correct. The hedge fund returns and fees are shown in the table
below:
The amount
of incentive fees the hedge fund collects over the two year period is = 7.2 +
3.661 = USD 10.861 million. The amount of management fees the hedge fund
collects over the two year period is = 4 + 4.576 = USD 8.576 million.
A Is
incorrect. Returns are taken as 10 % in both years. The first year incentive
fee is calculated as 3.2 million. The second-year assets at the beginning of
the year is 212.8 million, so the return is 21.28 million, and incentive fees
are 3.405 million. The two year total is 6.605 million.
C Is
incorrect. Management fees are not subtracted from the incentive fee in this
answer choice. The first-year incentive fee would be calculated as 8 million,
the second year incentive fee is calculated as 4.56 million, so the two year
total is 12.56 million.
D Is incorrect. Returns are taken as 20% in both years. First year incentive fee remains 7.2 million. The second year incentive fee is calculated as 8.237 million, so the two year total is 15.437 million.
第一年的incentive fee不应该是400*20%*20%吗？
