用同學
2022-11-14 19:04performance fee
問題1（圖1、圖2）：performance fee 1、算carry 時，應該是（-7%-（-10%））x10%吧？excess return 已經(jīng)為正了啊，beat 了benchmark ，不算carry 嗎？ 2、答案說，因為-7%是負的，所以就整個不算perfomance fee。 請教一下到底怎么算？ 問題2： active share Hartswood manages several other funds, one of which invests in U.K. large-cap stocks and is benchmarked against the FTSE 10
所屬：CFA Level III > Trading, Performance Evaluation, and Manager Selection 視頻位置 相關(guān)試題
來源： 視頻位置 相關(guān)試題
1個回答
開開助教
2022-11-18 16:31
該回答已被題主采納
同學你好，表格中說applied to positive returns only指的是只有但組合的收益率是正的情況下，才需要算performance fee。如果組合收益率是負的，即使表現(xiàn)比基準好，也不能算業(yè)績提成。
第二個問題似乎不完整，請同學補全
【點贊】喲~。加油，祝你順利通過考試~
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追問
老師，您看，這是官網(wǎng)題
GHK：Higher of base or base plus sharing of positive?performance. Sharing based on?active return.
自身的return是-8%，但是計算carry ： –8 – (–14) = +6.0，和問題1就不一樣。所以有點暈。 -
追問
問題2：Hartswood manages several other funds, one of which invests in U.K. large-cap stocks and isbenchmarked against the FTSE 100 Index. Following a recent large inflow of capital from new investors in the fund, Hartswood purchased stocks in seven companies that were not already held by the fund.
Regarding Hartswood's recent purchase of stocks for the U.K. large-cap stock fund,
determine the likely impact of this event on the fund's active share.
(1 minute)
A) The active share will increase.
B) The active share will decrease.
C)The direction of change of the active share cannot be determined from the information given
答案是C。
但是“ purchased stocks in seven companies that were not already held by the fund.”不是和benchmark不一樣嗎？active share 應該上升啊。 -
追答
GHK這里就是沒說這個費率結(jié)構(gòu)指apply to positive returns only。所以即使收益是負的，但active return是正的也可以。
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追答
問題2：H是買了7只原來基金沒有持倉的股票。但沒說這7只benchmark中有沒有。萬一這7只本來benchmark中有，fund中沒有。那么買這7只股票可能反而是降低active share的。
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追問
問題2:
哦，是的,謝謝老師。
H是買了7只原來FOUND沒有持倉的股票。我沒看懂題，我看成是買了Benchmark里面沒有的7支股票。
那我追問一下，如果買了7只benchmark中有沒有。那應該是和benchmark不一樣，增加了active share的。對吧？ -
追答
嗯，那是的。
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