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卓越 · 2025年03月06日

请问我这样回答可以吗？

  1. CFA III
  2. Trading&Performance

NO.PZ2021102801000015

问题如下：

Institutional investment consultant Wilsot Consultants (Wilsot) is reviewing multiple investment managers within a prospective client’s portfolio. Two of the managers, Vaudreuil Capital Management (Vaudreuil) and Pourtir Investments (Pourtir), have similar strategies that show comparable performance on a net-of-fees basis. Assessing the portfolio effects of management fees, a Wilsot analyst reviews both manager contracts to determine their advantages and disadvantages to the client. Checking client fee structures, the analyst notes Vaudreuil’s fees are AUM-based while Pourtir’s are performance-based.

Discuss one advantage and one disadvantage to the client of each manager’s contracted fee structure.

选项：

解释：

Vaudreuil: AUM-based 

Advantage: the cost is fixed.

Disadvantage: may create principal-agent problem that the manager may not actively raise the investment performance.


Vaudreuil: performance-based

Advantage: reduce the conflict of interests between managers and invesors.

Disadvantage: may underestimate the standard deviation of portfolio return.

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1 个答案

王暄_品职助教 · 2025年03月06日

您好，可以的

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