備考CFA一級(jí)另類投資科目，在備考CFA考試中有概念知識(shí)考題也有計(jì)算題考題，今天我們看看計(jì)算題類型的考題哦！

A hedge fund has the following fee structure:

Annual management fee based on year- end AUM 2%

Incentive fee 20%

Hurdle rate before incentive fee collection starts 4%

Current high- water mark $610?million

The fund has a value of $583.1?million at the beginning of the year. After one?year, it has a value of $642?million before fees. The net return to an investor for?this year is closest to:

A 6.72%.

B 6.80%.

C 7.64%.

這道題是CFA計(jì)算題，不知道你是不是算對(duì)了呢？如果你不知道如何做的話，小編給你說(shuō)說(shuō)這道考試題的解析哦！

C is correct. The management fee for the year is?$642?× 0.02?= $12.84?million.

Because the ending value exceeds the high- water mark, the hedge fund can?collect an incentive fee. The incentive fee is

{$642 – [$610?× (1?+ 0.04)]} × 0.20?= $1.52?million.

The net return to the investor for the year is

[($642 – $12.84 – $1.52)/$583.1] – 1 ≈ 0.07638 ≈ 7.64%.

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不管是CFA一級(jí)考試還是三級(jí)考試，這邊都有CFA題庫(kù)的