FRM P1金融市場(chǎng)與產(chǎn)品重要知識(shí)點(diǎn)-對(duì)沖基金收費(fèi)計(jì)算

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 ?知識(shí)點(diǎn)：對(duì)沖基金收費(fèi)計(jì)算? 

2% plus 20% fee structure

?The typical hedge fund fee structure is known as “2 plus 20%,” which means that they charge a flat 2% of all assets that they manage plus an additional 20% of all profits above a specified benchmark.

?Suppose the management fee is calculated on the assets at the beginning of the year and that the incentive fee is calculated after subtracting management fees.

?？键c(diǎn)：

1. 對(duì)沖基金的收費(fèi)分為兩部分：所管理資產(chǎn)的2%的收費(fèi)是管理費(fèi)，超過一定水平以上的利潤(rùn)的20%是激勵(lì)費(fèi)。

2. 基金總回報(bào)-基金的收費(fèi)=投資者的收益

3. 注意激勵(lì)費(fèi)是超過一定基準(zhǔn)以上利潤(rùn)的20%，具體基準(zhǔn)是多少要看題目規(guī)定。

例題：

The fees of a hedge fund are 2% plus 20% What is the investor's return as an algebraic function of the hedge fund's return of 5%? Consider all possible values of the hedge fund's return. Assume that the incentive fee is applied after the management fee has been subtracted and that the management fee is applied to the beginning-of-year assets under management.
A.2.4%
B.4.0%
C.1.0%
D.1.6%

【正確答案】A

【答案解析】(5%-2%)×(1-20%)=2.4%

以上就是FRM P1金融市場(chǎng)與產(chǎn)品重要知識(shí)點(diǎn)-對(duì)沖基金收費(fèi)計(jì)算的相關(guān)內(nèi)容，后期小編會(huì)持續(xù)給大家更新相關(guān)重要知識(shí)點(diǎn)，小伙伴們可以關(guān)注【 備考經(jīng)驗(yàn) 】欄目查看！