NO.PZ202206140600000303
问题如下：
Paulsen Case Scenario
Ole Paulsen is director of alternative investments for a large European sovereign wealth fund. Three global large-cap equity hedge fund managers that each charge performance-based fees have come to his attention. Paulsen evaluates the funds with consideration given to performance history, fee structures (Exhibit 1), and results over a recent three-year market period (Exhibit 2).
Exhibit 1. Fund Fee Structures
Exhibit 2. Gross Fund Returns and Benchmark Returns
Paulsen considers imposing a high-water mark feature. He asks an analyst to calculate the Year 3 fee for Fund ABC requiring recapture of prior-year losses before the sharing fee is earned.
Question
Using Exhibits 1 and 2, the manager who earned the highest fee in Year 2 is:
选项：
A.ABC. B.DEF. C.GHK.解释：
Solution
C is correct. GHK earns a sharing fee of 20% of its 6.0% active return for positive performance above the 1% base, for a total of 2.2%. This fee is higher than the other manager fees, as shown in the following table:
A is incorrect. ABC earns 1.85%, which is below the fees earned by the other managers.
B is incorrect. DEF earns its base fee of 2.0%, but this fee is less than the 2.2% earned by GHK.
请对比No.PZ201909300100002404 (选择题组)第4小问Based on Exhibit 1 and Exhibit 2, the Red Grass Fund’s 2017 investment management fee is:
为何提问背景这道题明明是负绝对收益，但仍然进行了计算，谢谢
