A B分析

问题如下：

Q. From the following options, identify the most important reason that investors in alternative funds compensate managers using a performance-based fee structure. To:

选项：

A.penalize managers for poor or declining performance over time B.better align manager and investor incentives over longer periods C.protect themselves from paying managers twice for the same returns

解释：

B is correct. Investors in alternative funds usually compensate managers using a performance-based, versus flat, fee structure to better align manager and investor incentives over longer periods. A is incorrect because while performance fees/fee structures can penalize managers for declining performance, that is not the most important reason for a performance-based fee structure. C is incorrect because although calculation of a manager’s performance may include reference to a fund’s peak value (high-water mark) in order to avoid paying twice for the same returns, this is not the most important reason that investors in alternative funds compensate using a performance-based fee structure.