NO.PZ2019012201000043
问题如下：
Hans Smith, an Albright
portfolio manager, makes the following notes after examining these funds:
Note 1 The fee on
the Caribou Fund is a 15% share of any capital appreciation above a 7%
threshold and the use of a high-water mark.
Based on Note 1, the fee on the Caribou Fund is best described as a:
选项：
A.performance fee
management fee
administrative fee
解释：
Performance fees serve as an incentive for portfolio managers to
achieve or outperform return objectives, to the benefit of both the manager and
investors. Several performance fee structures exist, although performance fees
tend to be “upward only”—that is, fees are earned by the manager when
performance objectives are met, but fund investors are not reimbursed when
performance is negative. Performance fees could be reduced following a period of
poor performance, however. Fee calculations also reflect high-water marks. As
described in Note 1, the fee for the Caribou Fund is a 15% share of any capital
appreciation above a 7% threshold, with the use of a high-water mark, and is
therefore a performance fee.
B is incorrect because management fees include direct costs of research
(such as remuneration and expenses for investment analysts and portfolio
managers) and the direct costs of portfolio management (e.g., software, trade
processing costs, and compliance). Management fees are typically determined as
a percentage of the funds under management.
C is incorrect because administrative fees include the processing of
corporate actions such as rights issues and optional stock dividends, the
measurement of performance and risk of a portfolio, and voting at company
meetings. Generally, these functions are provided by an investment management
firm itself and are included as part of the management fee.
rt
