CFA一级其他投资必考点和试题
备考必备 | 2016-01-11
CFA一级其他投资试题：
United Capital is a hedge fund with $250 million of initial capital. United charges a 2% management fee based on assets under management at year end, and a 20% incentive fee based on returns in excess of an 8% hurdle rate. In its first year, United appreciates 16%. Assume management fees are calculated using end-of-period valuation. The hedge fund fee assuming the performance fee is calculated net of the management fee is closest to:
A. 8 million
B. 8.64 million
C. 9.8 million
Solution: B
End of year capital = $250 million x 1.16 = $290 millionManagement fee = $290 million x 2% = $5.8 millionHurdle amount 8% of $250 million = $20 million;Incentive fee = ($290 - $250 - $20 - $5.8) million x 20% = $2.84 millionTotal fees to United Capital = ($5.8 + $2.84) million = $8.64 million.
CFA一级其他投资重点：Hedge fund fee 计算：ending MF net of- fee。
CFA一级其他投资相关知识点、必考点：
1、It is important to consider a hedge fund's fee structure prior to making an investment. The hedge fund fee structure accounts for the disproportionately high revenues earned relative to mutual funds and affects the returns to investors. A common fee structure in the hedge fund market is "2 and 20," which reflects a 2 percent management fee and a 20 percent incentive fee. Additionally, funds of hedge funds typically charge a 1 percent management fee and a 10 percent incentive fee. The incentive fee may be calculated on profits net of management fees or on profits before management fees (in other words, the incentive fee is calculated independent of management fees).
2、Sometimes, the fee structure specifies that the incentive fee is only earned after the fund achieves a specified return known as a hurdle rate. The hurdle rate is frequently set based on a risk-free rate proxy (e.g., Libor or a specified Treasury bill rate) plus a premium but may be set as an absolute, nominal, or real return target. The incentive fee can be based on returns in excess of the hurdle rate (hard hurdle rate) or on the entire return (soft hurdle rate).
3、The fee structure may specify that before an incentive fee is paid, following a year in which the fund's value has declined, the fund's value must return to a previous high water mark. Note that the high water mark is typically the highest value reported by the fund; the amount reported is net of fees. High water marks reflect the highest cumulative return used to calculate an incentive fee. In other words, the hedge fund must recover its past losses and return to its high water mark before any additional incentive fee is earned. Clients are not charged an incentive fee if the latest cumulative return does not exceed the prior high water mark. This use of a high water mark protects clients from paying twice for the same performance. Although poorly performing hedge funds may not receive an incentive fee, the management fee is earned irrespective of returns.
通过CFA一级其他投资试题引申CFA一级其他投资重点和CFA一级其他投资相关知识点，帮助大家更好的掌握CFA一级其他投资考试科目。
通过CFA一级其他投资试题引申CFA一级其他投资重点和CFA一级其他投资相关知识点，帮助大家更好的掌握CFA一级其他投资考试科目。
2016年CFA一二三级备考资料全套下载（含notes、教材...）
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