问题是不是出在Base Fee

NO.PZ2021102801000016 问题如下 a meeting for the locmunicippensionfun a group of beneficiaries expresseconcern about current investmentmanagement fees. The beneficiaries askethe Investment Committee for a feesummary of eamanager in the portfolio.The next y, a pension funstmemberbriefethe Committee on the managers’ full contractefee scheles. TheCommittee wsurpriseto heththe managers work unr numerous fferentfee structures anrates. A sample of these fee scheles for two managers isproviin Exhibit 1:In explaining the fferences, the stmembersaithfee structures mleto misestimates of portfolio risk. She alsonotethperformance-basefees sometimes are a close equivalent to amanager’s call option on active return.Intifywhimanager’s fee structure is most similto a call option on a share ofactive return. Justify yourselection. Carpenter Managemt is most similto a call option on a share of active return.The base fee is like a strike fee, Carpenter Managemt plus a long call option with a strike priequto the base fee anthen minus another call option with a strike priequto the maximum fee.顺便追问我觉得**那部分，sharing,active return ,beyonbase fee。大家都不会想到亏损的点。拿Lake来说,比如我现在(0.2%-0.3%),我这部分为负，就需要sharing。书上的bouns structure，举例指的是max(base,base +sahring of positive performance)。而这里Lake的base fee没有minimum。如果Lake是书上描述的max(base,base +sahring of positive performance)，那更类似call option.

NO.PZ2021102801000016 问题如下 a meeting for the locmunicippensionfun a group of beneficiaries expresseconcern about current investmentmanagement fees. The beneficiaries askethe Investment Committee for a feesummary of eamanager in the portfolio.The next y, a pension funstmemberbriefethe Committee on the managers’ full contractefee scheles. TheCommittee wsurpriseto heththe managers work unr numerous fferentfee structures anrates. A sample of these fee scheles for two managers isproviin Exhibit 1:In explaining the fferences, the stmembersaithfee structures mleto misestimates of portfolio risk. She alsonotethperformance-basefees sometimes are a close equivalent to amanager’s call option on active return.Intifywhimanager’s fee structure is most similto a call option on a share ofactive return. Justify yourselection. 为什么说manager is fully exposeto both the wnsi anupsi？Hien是有有Minimum Fee，所以就是类似Long Call Option呀。老师上课也讲了说只有基于TotPerformance的，才是赚了给钱，亏了赔钱，也就是对称的

NO.PZ2021102801000016 问题如下 a meeting for the locmunicippensionfun a group of beneficiaries expresseconcern about current investmentmanagement fees. The beneficiaries askethe Investment Committee for a feesummary of eamanager in the portfolio.The next y, a pension funstmemberbriefethe Committee on the managers’ full contractefee scheles. TheCommittee wsurpriseto heththe managers work unr numerous fferentfee structures anrates. A sample of these fee scheles for two managers isproviin Exhibit 1:In explaining the fferences, the stmembersaithfee structures mleto misestimates of portfolio risk. She alsonotethperformance-basefees sometimes are a close equivalent to amanager’s call option on active return.Intifywhimanager’s fee structure is most similto a call option on a share ofactive return. Justify yourselection. 答案里说strike price是18bp加上一个数再减去一个数？

NO.PZ2021102801000016问题如下 a meeting for the locmunicippensionfun a group of beneficiaries expresseconcern about current investmentmanagement fees. The beneficiaries askethe Investment Committee for a feesummary of eamanager in the portfolio.The next y, a pension funstmemberbriefethe Committee on the managers’ full contractefee scheles. TheCommittee wsurpriseto heththe managers work unr numerous fferentfee structures anrates. A sample of these fee scheles for two managers isproviin Exhibit 1:In explaining the fferences, the stmembersaithfee structures mleto misestimates of portfolio risk. She alsonotethperformance-basefees sometimes are a close equivalent to amanager’s call option on active return.Intifywhimanager’s fee structure is most similto a call option on a share ofactive return. Justify yourselection. 请问下老师，如果是考试的话，这道题应该回答到哪些点可以得分呢？答案里还举了个例子

NO.PZ2021102801000016 问题如下 a meeting for the locmunicippensionfun a group of beneficiaries expresseconcern about current investmentmanagement fees. The beneficiaries askethe Investment Committee for a feesummary of eamanager in the portfolio.The next y, a pension funstmemberbriefethe Committee on the managers’ full contractefee scheles. TheCommittee wsurpriseto heththe managers work unr numerous fferentfee structures anrates. A sample of these fee scheles for two managers isproviin Exhibit 1:In explaining the fferences, the stmembersaithfee structures mleto misestimates of portfolio risk. She alsonotethperformance-basefees sometimes are a close equivalent to amanager’s call option on active return.Intifywhimanager’s fee structure is most similto a call option on a share ofactive return. Justify yourselection. 损失有限收益无限，为什么不是long call？