崔同學(xué)
2019-06-09 17:04hurdle rate 是什么意思？請(qǐng)老師具體解釋，最好附上實(shí)例。
所屬：CFA Level I 視頻位置 相關(guān)試題
來源： 視頻位置 相關(guān)試題
1個(gè)回答
Peter F助教
2019-06-10 13:21
該回答已被題主采納
同學(xué)，你好：這里的 hurdle rate 就是 cost of capital 資本成本 的意思，在 另類投資 alternatives 中也有 hurdle rate 的概念，用來計(jì)算績效獎(jiǎng)金的，當(dāng)超過這個(gè) hurdle rate 的時(shí)候，超過的部分才有績效獎(jiǎng)金。
-
追答
比如：Q-19（取自一級(jí)百題 另類投資）AWJ Capital is a hedge fund with $100 million of initial investment capital. They charge a 2 percent management fee based on assets under management at year-end and a 20 percent incentive fee. In its first year, AWJ Capital has a 30 percent return. Assume management fees are calculated using end-of-period valuation. If the fee structure specifies a hard hurdle rate of 5 percent, what is an investor’s net return given this fee structure?
-
追答
解答：
$130 million × 2% = $2.6 million management fee
($130 – $100 – $100 × 5% – $2.6) million × 20% = $4.48 million incentive fee
Total fees to AWJ Capital = 4.48+2.6 = $7.08 million
Investor return: ($130 – $100 – $7.08)/$100 = 22.92% -
追答
這里僅作為參考，在學(xué)習(xí)另類投資的時(shí)候，老師還會(huì)詳細(xì)講解，數(shù)量理解為 cost of capital 資本成本 即可。
0
0
0
0
