1.年底规模360，不是超过高水位357了吗？难道是因为没有超过hurdle rate=357*1.05=374.85？
2.另外请问老师，是不是出现高水位的，算hurdle rate一律以高水位而不是期初规模为基础？
3.hard hurdle rate 和soft hurdle rate的区别一直分不清，麻烦老师帮忙捋一下，谢谢
问题如下图：
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解释：
韩韩_品职助教 · 2019年06月01日
同学您好：
这个题目，判断是否超过高水位，不能直接用年底AUM与之前高点比较，需要扣除完当期管理费，再与高水位比较，此处当年的管理费为7.2，扣除完后没有超过之前高点；另外，由高水位要求的，计算绩效奖时都是从高水位基础上算hurdle rate要求，而不是年初的AUM，这个就是高水位设置的初衷，不给重复的业绩表现发两次绩效奖；最后，hard和soft的区别就是，一旦达到要求，hard是只能以扣除完hurdle rate要求增长部分后，剩余的增长部分计算绩效奖；soft是，达到要求后，hurdle rate要求增长的部分也是计算绩效奖的基数；比如：年初或高水位为100，年底扣除完管理费后的净值是110，hurdle rate是5%，绩效奖是20%：那么hard就是只有105到110这一段，是计算基数，5*20%，而soft是100到110这一段都是计算基数，10*20%；这一块我们基础班、强化班都有非常详细的画图讲解，建议再简单回顾一下
NO.PZ2018053101000016 问题如下 The following information applies to Rotun Aisors, a hee fun• $288 million in assets unr management (AUM) of prior year-en 2% management fee (baseon year-enAUM)• 20% incentive fee calculaten net of management feen using a 5% soft hure raten using a high-water mark (high-water mark is $357 million)• Current yefunreturn is 25%The totfee earneRotun in the current yeis closest to: A.$7.20 million. B.$20.16 million. C.$21.60 million. A is correct.Rotun earns a management fee of $7.20 million but es not earn incentive fee because the yearenfunvalue net of management fee es not exceethe high-water mark of $357 million.Rotun fees:Enof-yeAUM = Prior year-enAUM × (1 + Funreturn) = $288 million × 1.25 = $360 million$360 million × 2% = $7.20 million management fee$360 million – $7.2 million = $352.8 million AUM net of management feeThe year-enAUM net of fees es not exceethe $357 million high-water mark. Therefore, no incentive fee is earne年底AUM=年初AUM*（1+增长率）=$288 million × 1.25 = $360 million所以，管理费=$360 million × 2% = $7.20 million，因此扣除完管理费的年底净值=$360 million – $7.2 million = $352.8 million由于有高水位的要求，之前高点为$357 million，$352.8 million $357 million,未达到要求，所以不发绩效奖。GP只能拿到管理费部分。 高水位357，hure rate是5%，所以年末的AUM应该至少达到357*(1+5%)=374.85以上，才有可能拿绩效奖，现在年末AUM是360，所以没有绩效奖，只考虑管理费即可。
NO.PZ2018053101000016问题如下The following information applies to Rotun Aisors, a hee fun• $288 million in assets unr management (AUM) of prior year-en 2% management fee (baseon year-enAUM)• 20% incentive fee calculaten net of management feen using a 5% soft hure raten using a high-water mark (high-water mark is $357 million)• Current yefunreturn is 25%The totfee earneRotun in the current yeis closest to:A.$7.20 million.B.$20.16 million.C.$21.60 million.A is correct.Rotun earns a management fee of $7.20 million but es not earn incentive fee because the yearenfunvalue net of management fee es not exceethe high-water mark of $357 million.Rotun fees:Enof-yeAUM = Prior year-enAUM × (1 + Funreturn) = $288 million × 1.25 = $360 million$360 million × 2% = $7.20 million management fee$360 million – $7.2 million = $352.8 million AUM net of management feeThe year-enAUM net of fees es not exceethe $357 million high-water mark. Therefore, no incentive fee is earne年底AUM=年初AUM*（1+增长率）=$288 million × 1.25 = $360 million所以，管理费=$360 million × 2% = $7.20 million，因此扣除完管理费的年底净值=$360 million – $7.2 million = $352.8 million由于有高水位的要求，之前高点为$357 million，$352.8 million $357 million,未达到要求，所以不发绩效奖。GP只能拿到管理费部分。hure rate那条线什么情况下是在高水位线的基础上算，什么时候是在基础value上算呢
NO.PZ2018053101000016 问题如下 The following information applies to Rotun Aisors, a hee fun• $288 million in assets unr management (AUM) of prior year-en 2% management fee (baseon year-enAUM)• 20% incentive fee calculaten net of management feen using a 5% soft hure raten using a high-water mark (high-water mark is $357 million)• Current yefunreturn is 25%The totfee earneRotun in the current yeis closest to: A.$7.20 million. B.$20.16 million. C.$21.60 million. A is correct.Rotun earns a management fee of $7.20 million but es not earn incentive fee because the yearenfunvalue net of management fee es not exceethe high-water mark of $357 million.Rotun fees:Enof-yeAUM = Prior year-enAUM × (1 + Funreturn) = $288 million × 1.25 = $360 million$360 million × 2% = $7.20 million management fee$360 million – $7.2 million = $352.8 million AUM net of management feeThe year-enAUM net of fees es not exceethe $357 million high-water mark. Therefore, no incentive fee is earne年底AUM=年初AUM*（1+增长率）=$288 million × 1.25 = $360 million所以，管理费=$360 million × 2% = $7.20 million，因此扣除完管理费的年底净值=$360 million – $7.2 million = $352.8 million由于有高水位的要求，之前高点为$357 million，$352.8 million $357 million,未达到要求，所以不发绩效奖。GP只能拿到管理费部分。 高水位线是和扣除了管理费之后的数值比较吗？为什么有的题目是直接和年末aum 比较？
NO.PZ2018053101000016 $20.16 million. $21.60 million. A is correct. Rotun earns a management fee of $7.20 million but es not earn incentive fee because the yearenfunvalue net of management fee es not exceethe high-water mark of $357 million. Rotun fees: Enof-yeAUM = Prior year-enAUM × (1 + Funreturn) = $288 million × 1.25 = $360 million $360 million × 2% = $7.20 million management fee $360 million – $7.2 million = $352.8 million AUM net of management fee The year-enAUM net of fees es not exceethe $357 million high-water mark. Therefore, no incentive fee is earne 年底AUM=年初AUM*（1+增长率）=$288 million × 1.25 = $360 million 所以，管理费=$360 million × 2% = $7.20 million，因此扣除完管理费的年底净值=$360 million – $7.2 million = $352.8 million 由于有高水位的要求，之前高点为$357 million，$352.8 million<$357 million,未达到要求，所以不发绩效奖。GP只能拿到管理费部分。题目有特别说明吗 还是默认这样
$20.16 million. $21.60 million. A is correct. Rotun earns a management fee of $7.20 million but es not earn incentive fee because the yearenfunvalue net of management fee es not exceethe high-water mark of $357 million. Rotun fees: Enof-yeAUM = Prior year-enAUM × (1 + Funreturn) = $288 million × 1.25 = $360 million $360 million × 2% = $7.20 million management fee $360 million – $7.2 million = $352.8 million AUM net of management fee The year-enAUM net of fees es not exceethe $357 million high-water mark. Therefore, no incentive fee is earne 年底AUM=年初AUM*（1+增长率）=$288 million × 1.25 = $360 million 所以，管理费=$360 million × 2% = $7.20 million，因此扣除完管理费的年底净值=$360 million – $7.2 million = $352.8 million 由于有高水位的要求，之前高点为$357 million，$352.8 million<$357 million,未达到要求，所以不发绩效奖。GP只能拿到管理费部分。 是不是harhure rate才是在high-water*(1+hure rate）的基础上去计算incentive fee？这题是soft hure rate，是不是和初始本金比？但是因为有高水位，是不是基础就是high water？这个逻辑对吗？