CFA备考需要了解CFA考试题考察的是什么？考生在备考中看看这道考试题考察的哪个知识点？如果你能做题考试还知识考哪些知识，那说明你掌握了这道考试题！
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:考查对冲基金费用结构，这里是在Fund value after fees基础上，算net of fees return。
在CFA考试中对冲基金费用分成management fee和incentive fee两部分，这两部分如何理解呢？
Management fee管理费，是基于资产规模Based on asset under management，具体是基于期初资产余额或期末资产余额，题目会描述。和投资业绩无关Irrespective of returns。
Incentive fee激励费，是利润的一部分A portion of profit。这就是这道题所包含的知识点，如果考生还有什么不了解的，在备考中考试题不知道怎么做，这边有CFA百题班，考生有需要可以在线咨询老师。
