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FRM P1金融市場與產品重要知識點-對沖基金收費計算
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?知識點：對沖基金收費計算?
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.
常考點：
1. 對沖基金的收費分為兩部分：所管理資產的2%的收費是管理費，超過一定水平以上的利潤的20%是激勵費。
2. 基金總回報-基金的收費=投資者的收益
3. 注意激勵費是超過一定基準以上利潤的20%，具體基準是多少要看題目規定。
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%
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