紫同學(xué)
2018-04-16 20:0831. Ash Lawn Partners, a fund of hedge funds, has the following fee structure: ? 2/20 underlying fund fees with incentive fees calculated independently ? Ash Lawn fees are calculated net of all underlying fund fees ? 1% management fee (based on year-end market value) ? 10% incentive fee calculated net of management fee ? The fund and all underlying funds have no hurdle rate or high-water mark fee conditions In the latest year, Ash Lawn’s fund value increased from $100 million to $133 million before deduction of management and incentive fees of the fund or underlying funds. Based on the information provided, the total fee earned by all funds in the aggregate is closest to: A. $11.85 million. B. $12.75 million. C. $12.87 million. 麻煩老師講解一下這道題，重點(diǎn)幫忙區(qū)分一下2/20 underlying fund fees with incentive fees calculated independently，此題用independently來計(jì)算，如果是dependently這種如何計(jì)算？
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
金程教育Alfred助教
2018-04-17 09:42
該回答已被題主采納
同學(xué)你好，independently的話就是management fee和incentive fee分開計(jì)算，也就是說在計(jì)算incentive fee的時(shí)候就直接拿今年賺的錢乘以20%，不需要扣除management fee。如果是dependently，就要先在計(jì)算incentive fee的時(shí)候就需要先把今年賺的扣除management fee后，如果有多余的，再乘以20%。
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追問
明白了，謝謝老師。
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