FRM P1金融市场与产品重要知识点-对冲基金收费计算

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 ▶知识点：对冲基金收费计算◀ 

2% plus 20% fee structure

▪The typical hedge fund fee structure is known as “2 plus 20%,” which means that they charge a flat 2% of all assets that they manage plus an additional 20% of all profits above a specified benchmark.

▪Suppose the management fee is calculated on the assets at the beginning of the year and that the incentive fee is calculated after subtracting management fees.

常考点：

1. 对冲基金的收费分为两部分：所管理资产的2%的收费是管理费，超过一定水平以上的利润的20%是激励费。

2. 基金总回报-基金的收费=投资者的收益

3. 注意激励费是超过一定基准以上利润的20%，具体基准是多少要看题目规定。

例题：

The fees of a hedge fund are 2% plus 20% What is the investor's return as an algebraic function of the hedge fund's return of 5%? Consider all possible values of the hedge fund's return. Assume that the incentive fee is applied after the management fee has been subtracted and that the management fee is applied to the beginning-of-year assets under management.
A.2.4%
B.4.0%
C.1.0%
D.1.6%

【正确答案】A

【答案解析】(5%-2%)×(1-20%)=2.4%

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