问一道题：NO.PZ2016031203000012 [ CFA I ]

NO.PZ2016031203000012问题如下UniteCapitis a hee funwith $250 million of initicapital. Unitecharges a 2% management fee baseon assets unr management yeen ana 20% incentive fee baseon returns in excess of 8% hure rate. In its first year, Uniteappreciates 16%. Assume management fees are calculateusing enof-periovaluation. The investor’s net return assuming the performanfee is calculatenet of the management fee is closest to:A.11.58%.B.12.54%.C.12.80%.B is correct.The net investor return is 12.54%, calculateas:Enof yecapit= $250 million × 1.16 = $290 millionManagement fee = $290 million × 2% = $5.8 millionHure amount = 8% of $250 million = $20 million;Incentive fee = ($290 − $250 − $20 − $5.8) million × 20% = $2.84 millionTotfees to UniteCapit= ($5.8 + $2.84) million = $8.64 millionInvestor net return: ($290 − $250 − $8.64) / $250 = 12.54%要计算净收益，就要计算出总的各项费用年底的AUM=$250 million × 1.16 = $290 million因此，管理费= $290 million × 2% = $5.8 million，本题绩效奖是按照扣除完管理费的净值计算扣除完管理费的净值=$290 million-$5.8 million=$284.2 million考虑到8%的Hure rate要求，绩效奖计算基数=($284.2 − $250 − $20）million=14.2million绩效奖=14.2million*20%=$2.84 million总的费用=($5.8 + $2.84) million = $8.64 million净收益=($290 − $250 − $8.64) / $250 = 12.54%本题绩效奖是按照扣除完管理费的净值计算 哪里说了

NO.PZ2016031203000012 问题如下 UniteCapitis a hee funwith $250 million of initicapital. Unitecharges a 2% management fee baseon assets unr management yeen ana 20% incentive fee baseon returns in excess of 8% hure rate. In its first year, Uniteappreciates 16%. Assume management fees are calculateusing enof-periovaluation. The investor’s net return assuming the performanfee is calculatenet of the management fee is closest to: A.11.58%. B.12.54%. C.12.80%. B is correct.The net investor return is 12.54%, calculateas:Enof yecapit= $250 million × 1.16 = $290 millionManagement fee = $290 million × 2% = $5.8 millionHure amount = 8% of $250 million = $20 million;Incentive fee = ($290 − $250 − $20 − $5.8) million × 20% = $2.84 millionTotfees to UniteCapit= ($5.8 + $2.84) million = $8.64 millionInvestor net return: ($290 − $250 − $8.64) / $250 = 12.54%要计算净收益，就要计算出总的各项费用年底的AUM=$250 million × 1.16 = $290 million因此，管理费= $290 million × 2% = $5.8 million，本题绩效奖是按照扣除完管理费的净值计算扣除完管理费的净值=$290 million-$5.8 million=$284.2 million考虑到8%的Hure rate要求，绩效奖计算基数=($284.2 − $250 − $20）million=14.2million绩效奖=14.2million*20%=$2.84 million总的费用=($5.8 + $2.84) million = $8.64 million净收益=($290 − $250 − $8.64) / $250 = 12.54% 本题中的8%hure rate在计算中如何区分har是soft，谢谢。

NO.PZ2016031203000012 题目中没有提到before or net of management, 这应该怎么做？

12.54%. 12.80%. B is correct. The net investor return is 12.54%, calculateas: Enof yecapit= $250 million × 1.16 = $290 million Management fee = $290 million × 2% = $5.8 million Hure amount = 8% of $250 million = $20 million; Incentive fee = ($290 − $250 − $20 − $5.8) million × 20% = $2.84 million Totfees to UniteCapit= ($5.8 + $2.84) million = $8.64 million Investor net return: ($290 − $250 − $8.64) / $250 = 12.54% 要计算净收益，就要计算出总的各项费用 年底的AUM=$250 million × 1.16 = $290 million 因此，管理费= $290 million × 2% = $5.8 million，本题绩效奖是按照扣除完管理费的净值计算 扣除完管理费的净值=$290 million-$5.8 million=$284.2 million 考虑到8%的Hure rate要求，绩效奖计算基数=($284.2 − $250 − $20）million=14.2million 绩效奖=14.2million*20%=$2.84 million 总的费用=($5.8 + $2.84) million = $8.64 million 净收益=($290 − $250 − $8.64) / $250 = 12.54% 不应该是直接这公式来减去那个基准吗？晕了晕了

NO.PZ2016031203000012 12.54%. 12.80%. B is correct. The net investor return is 12.54%, calculateas: Enof yecapit= $250 million × 1.16 = $290 million Management fee = $290 million × 2% = $5.8 million Hure amount = 8% of $250 million = $20 million; Incentive fee = ($290 − $250 − $20 − $5.8) million × 20% = $2.84 million Totfees to UniteCapit= ($5.8 + $2.84) million = $8.64 million Investor net return: ($290 − $250 − $8.64) / $250 = 12.54% 要计算净收益，就要计算出总的各项费用 年底的AUM=$250 million × 1.16 = $290 million 因此，管理费= $290 million × 2% = $5.8 million，本题绩效奖是按照扣除完管理费的净值计算 扣除完管理费的净值=$290 million-$5.8 million=$284.2 million 考虑到8%的Hure rate要求，绩效奖计算基数=($284.2 − $250 − $20）million=14.2million 绩效奖=14.2million*20%=$2.84 million 总的费用=($5.8 + $2.84) million = $8.64 million 净收益=($290 − $250 − $8.64) / $250 = 12.54%请问那块-20是从哪来的