2021年备考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
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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%.
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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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