问一道题：NO.PZ201909300100002405

NO.PZ201909300100002405 问题如下 5 Baseon Exhibit 1 anExhibit 2, the Blue Water Funs 2018 investment management fee is: A.2.40% B.2.50% C.2.90% B is correct. The fee schele states ththe fee will the higher of either (1) the base fee or (2) the base fee plus sharing of the positive performance, with a maximum fee of 2.50%. Furthermore, it states ththe performance-basefee is assesseon the active return. Without upper limit, the fee woul0.5% + [20% × (14% – 2%)] = 2.90%, whiis greater th2.50%; so, the 2.50% fee is assesse 针对第三问 3 Baseon Exhibit 1 anExhibit 2, the Yellow WooFuns 2016 investment management fee is: The funs fee schele inclus a base fee of 1.50% ana 20% performance-basefee. The performance-basefee is applieafter the base fee is cte The totfee is calculatefollows:1.5% + [20% × (15% – 1.5%)] = 4.20%第三问的yellow的return算法是base加上perforamce的sharing，performance可以是正的也可以是负的，然后sharing要扣掉base fee——答案的做法我都理解，但是positive performance直接用了15%，没有扣除benchmark。针对第五问 5 Baseon Exhibit 1 anExhibit 2, the Blue Water Funs 2018 investment management fee is: The fee schele states ththe fee will the higher of either (1) the base fee or (2) the base fee plus sharing of the positive performance, with a maximum fee of 2.50%. Furthermore, it states ththe performance-basefee is assesseon the active return. Without upper limit, the fee woul0.5% + [20% × (14% – 2%)] = 2.90%, whiis greater th2.50%; so, the 2.50% fee is assesse五问的blue water return的算法是max（base，base+share of performance），现在base是0.5%，positive performance的算法变成了14%-2%——这不就和第三问答案的算法矛盾了么？如果参考第三问的算法，positive performance就应该是14%才对？