备考CFA一级另类投资科目计算题考题!

备考CFA一级另类投资科目，在备考CFA考试中有概念知识考题也有计算题考题，今天我们看看计算题类型的考题哦！

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%.

这道题是CFA计算题，不知道你是不是算对了呢？如果你不知道如何做的话，小编给你说说这道考试题的解析哦！

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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