CFA備考需要了解CFA考試題考察的是什么？考生在備考中看看這道考試題考察的哪個(gè)知識(shí)點(diǎn)？如果你能做題考試還知識(shí)考哪些知識(shí)，那說(shuō)明你掌握了這道考試題！

A hedge fund with $98 million of initial capital charges a management fee of 2% and an incentive fee of 20%. The management fee is based on assets under management at year end and the incentive fee is calculated independently from the management fee. The fee structure has a high-water mark provision. The fund value is $112 million at the end of Year 1, $100 million at the end of Year 2, and $116 million at the end of Year 3. The net-of-fees return earned by the fund in Year 3 is closest to:

A.14.15%.

B.12.33%.

C.11.87%.


答案: A

解析:考查對(duì)沖基金費(fèi)用結(jié)構(gòu)，這里是在Fund value after fees基礎(chǔ)上，算net of fees return。

在CFA考試中對(duì)沖基金費(fèi)用分成management fee和incentive fee兩部分，這兩部分如何理解呢？

Management fee管理費(fèi)，是基于資產(chǎn)規(guī)模Based on asset under management，具體是基于期初資產(chǎn)余額或期末資產(chǎn)余額，題目會(huì)描述。和投資業(yè)績(jī)無(wú)關(guān)Irrespective of returns。

Incentive fee激勵(lì)費(fèi)，是利潤(rùn)的一部分A portion of profit。這就是這道題所包含的知識(shí)點(diǎn)，如果考生還有什么不了解的，在備考中考試題不知道怎么做，這邊有CFA百題班，考生有需要可以在線咨詢老師。